Barclays posts big hike in profits for 2010

Banking group Barclays reported pre-tax profits of £6.07 billion for last year, up almost a third on the figure of £4.59 billion for 2009.

Total staff costs rose by 20% to £11.9 billion, of which £3.5 billion was paid in bonuses.

Bonuses at Barclays Capital totalled £2.6 billion, while profits at the division almost doubled to £4.78 billion on revenues of £13.6 billion.

The bank said that, in line with new regulations, bonus payments would be deferred over three years and would not be paid unless the bank had sufficient capital in reserve.

Chief executive Bob Diamond said the bonus payments had been influenced by the deal agreed with the coalition government under Project Merlin. Under the terms of that deal, the UK’s top banks agreed to curb bonuses and reveal some salary details of top earners.

However, Barclays would not, for the time being, reveal how much it pays its top executives, including Diamond. These figures will only be revealed with the publication of its annual report, which Barclays says should be released early in March.

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