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Barclays profit 11.6 billion pounds, beats forecast

Barclays profit 11.6 billion pounds, beats forecast
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First Published: Tue, Feb 16 2010. 01 56 PM IST
Updated: Tue, Feb 16 2010. 01 56 PM IST
London: Barclays Plc said it had started the year well after beating expectations with 2009 profits of over £11.6 billion ($18.18 billion), on the back of a strong performance at its investment banking unit.
The British bank said its investment bankers would receive average pay of 191,000 pounds for 2009, including an average bonus of 95,000 pounds, amid intense scrutiny on payouts and pressure to rein in awards.
It said it would pay £1.5 billion in discretionary cash payments for 2009 and a further £1.2 billion of long-term awards that vest over three years and can be clawed back.
The British bank reported a 2009 pretax profit of £11.6 billion, swelled by a £6.3 billion gain on the sale of its Barclays Global Investors asset management arm.
Earnings were up 92% from £6.1 billion in 2008 and beat the average forecast of £11.2 billion from a Thomson Reuters.
Barclays said its underlying profit, stripping out the BGI gain, was £5.6 billion , up from £1.6 billion in 2008.
Earnings for Barclays Capital, the investment bank arm, rose 89% on the year to £2.5 billion , thanks to its purchase of the US operations of Lehman Brothers, expansion in Europe and Asia, and a revival in capital markets.
Barclays said it had started 2010 well, with pretax profit “well ahead” of the run rates for the first half of 2009 and the full year.
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First Published: Tue, Feb 16 2010. 01 56 PM IST