Barclays Grows Profits But Shrinks Bonus Pool

Barclays has announced a 12% rise in annual profits to £5.5bn and confirmed a cut to bonuses as it continues to count the cost of past conduct.

The profit figure, which beat City forecasts, was achieved as the bank continued to cut operating costs - by £1.8bn or 10% during 2014 alone.

However it took an additional £750m charge in the final quarter to cover alleged involvement in the foreign exchange rate-rigging scandal.

The latest provision took its total exposure to the affair so far to £1.25bn while it also added £200m to provide for the compensation programme for customers mis-sold payment protection insurance (PPI).

The bank's bonus pool fell 22% to £1.86bn.

Chief Executive Antony Jenkins said the results showed that the bank was continuing to make progress under its Transform programme.

"Barclays today is a stronger business, with better prospects, than at any time since the financial crisis.

"While our work in transforming the bank is not yet complete, our performance in 2014 gives us confidence that we are on the right track."

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