Barclays annual profits beat expectations

| February 15, 2011 | 0 Comments

British banking giant Barclays has today kicked off the reporting season by announcing better profits than analysts had forecast.

The bank posted pre-tax profits of £6.07 billion for the 2010 year - a rise of 32% compared with £4.59 billion in the previous year.

Meanwhile, the bank said it lent over £43 billion to UK retail and business customers and its provision for bad loans for the 2010 year dropped by a third to £5.67 billion.

In terms of bonuses, which is a major topic currently, Barclays said bonus payments would be deferred over three years.

Commenting, Bob Diamond, Barclay’s chief executive, said: “We are committed to demonstrating that we are both responsible in our compensation decisions and practices and that we take our regulatory obligations and UK government commitments seriously.”

Mr Diamond said the bonus review came in light of Project Merlin - the deal agreed with the Government last week.

Under the terms of the deal, the UK’s top banks agreed to curb bonuses and lend more to small and medium-sized businesses - about £190bn in total this year.

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