Barclays announce 92% rise in annual profits

by Richard Kilner

Story link: Barclays announce 92% rise in annual profits

Barclays has enjoyed a surge in profits for its full-year 2009 results, which showed that profits had soared by 92% to £11.6bn.

The BBC has reported that the firm’s profits were enhanced by the sale of BGI fund management arm to BlackRock.

Without the sale, profits would have fallen from 2008, standing at £5.3bn, down from the £6.08bn profit recorded the previous year.

Chief Executive Officer John Varley and President Bob Diamond have announced that they are declining to accept any bonuses, given the strong public distaste for banking bonuses.

This marks the second year in a row the CEO and President of Barclays have not taken a bonus, despite the banking giant receiving no direct taxpayer support (although, like all UK banks, the firm did benefit indirectly from government action to support the banking sector as a whole).