Barclays Posts £6.1 Billion Profit in 2008
February 9th, 2009 at 10:44 am - by admin
Profits before tax reported by Barclays Bank were reported Monday as being about $9 billion U.S., or £6.1 billion over the year of 2008; down 14 per cent from that of 2007.
The bank’s charges on bad debts doubled, indicating the climate of the credit market going forward. Barclays maintained profitability beyond that of the most troubled banks internationally, while still sustaining a significant profit loss.
The bank paid no bonuses to executives under increased pressure by the public, “for 2009 and beyond, we are reviewing our compensation policies and practices to ensure that they evolve appropriately,” said CEO John Varley.
Chairman Agius spoke positively of the bank’s performance, blaming “strong headwinds” for the reduced profits, while maintaining that performance was above expectations.
