Barclays registers 12% rise in full-year pre-tax profits

Barclays registers 12% rise in full-year pre-tax profits

3 March 2015, 09:15
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Barclays banking group has reported a 12% rise in full-year pre-tax profits, says BBC.

Profits rose to £5.5bn for the year to 31 December 2014, up from £4.9bn the previous year.

The company increased its provision to cover any fallout from a probe into currency market manipulation by £750m to £1.25bn.

Chief Antony Jenkins was awarded a £1.1m bonus, pushing his total pay package to £5.5m for 2014.

However, the bank said the overall pool of money allocated for bonuses has been reduced by 22% to £1.86bn.

Provision for payment protection insurance (PPI) compensation was increased by £200m for the last three months of 2014, the bank said, taking the year's total to £1.1bn.

Profits actually fell 21% to £2.26bn, if to take this and other provisions into account.

In an interview with BBC, Mr Jenkins defended his bonus, saying the bank had reduced operating costs by 9% to £19bn and had made a "huge amount of progress." He said the banking group was stronger and had better prospects than "at any time since the financial crisis."

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