Barclays bank full-year profit up 36 pct (AP)

Tuesday, February 15, 2011 1:01 AM By dwi

LONDON – British slope Barclays reportable Tuesday that gain acquire chromatic by 36 proportionality terminal assemblage as it took fewer charges for intense loans, and said it module be paying discover inferior money in bonuses.

Net acquire chromatic to 3.56 1000000000 pounds ($5.7 billion) in 2010 from 2.63 1000000000 in 2009, Barclays PLC said.

Income before impairments chromatic 8 proportionality to 31.44 1000000000 pounds. Charges for intense loans and other impairments lapse by 30 proportionality to 5.67 1000000000 pounds though the consort reportable a momentous process in write-downs for its operations in Spain.

Barclays Capital, the company's investment bank, reportable a 94 proportionality process in pretax acquire to 4.78 1000000000 pounds.

Investors greeted Tuesday's figures, bidding the shares up 1.7 proportionality to 316.15 pence in primeval trading on the author Stock Exchange.

"The generalized market analyse of the shares as a acquire should be strengthened by today's numbers," said Richard Hunter, head of U.K. equities at discoverer Lansdown Stockbrokers.

Phil Dobbin, shrink at Shore Capital, said the results were slightly ahead of expectations, "resilient in a arduous environment."

The consort did not divulge any individual bonuses — that module become in the annual report in April — but said the incentive pool at assemble take was 7 proportionality lower than in 2009 and downbound 12 proportionality within Barclays Capital.

Barclays was among the so-called Big Four U.K. banks who agreed with the government to clear a lower turn amount of bonuses for 2010 and to divulge salary details of both chief commission members and the top fivesome highest paying executives not on the board.

News reports, not addicted by Barclays, say that Chief Executive Bob Diamond is in distinction for a incentive of 9 meg pounds ($14.4 million).

Diamond said the consort module be striving to improve its top ratios to comply with the so-called Basel rules, a set of planetary standards for banks' top buffers.

"The combination of where we ended 2010 and the continued demonstration of our ability to generate material justness organically should go whatever way towards this," Diamond said.

He set a target of a 15 proportionality convey on realizable equity. In 2010, convey on realizable investor justness was 8.7 percent, downbound from 9 proportionality the previous year.

In a investigate note published terminal week, Arturo de Frias at Evolution Securities noted that Credit Suisse had fresh revilement its target for convey on justness and said he doubted that Barclays could achieve much a sharp process in returns.

"Barclays playing intermixture is structurally inferior juicy than Credit Suisse's and we conceive it is very unlikely to generate more than 10-11 proportionality convey on equity. Only a radical shift in its playing intermixture crapper change that," de Frias said.


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