15/02/2011

By Max Clarke

With total 2010 revenue of £31.4 Billion, up 22% from 2009, Barclays 32% growth in profits is an indicator of the banking giant's continued strengths.

Speaking about the company's performance, Chief Executive Bob Diamond said:

"I am proud of what we achieved in 2010, especially our profit growth and enhanced capital and liquidity positions.

"We continue to believe that our integrated model provides superior benefits to our customers, clients and broader stakeholders because of its diversity by business, geography and funding source.

Our focus is on execution, which means delivering on our commitments in four key areas: maintaining a strong capital base; improving returns; delivering income growth; and demonstrating our credentials as a global citizen.

Other highlights from the year include:
7.2% return on shareholder equity;
£6.1 Billion paid on taxes globally;
Final share dividend of 2.5p, making 5.5p for the year.

Len McCluskey, general secretary at union Unite, commented:

Barclays decision to award these mammoth bonuses to its top bankers is shameful. These bonuses undermine any claim by the government that there is fair pay in banking. Those at the top of the big banks are paid more then 100 times the pay of those workers at the lowest level. These excessive rewards widen the gap between those at the top and ordinary workers struggling to pay their bills.

“As Barclays reports higher then expected profits why does this Conservative led coalition government continue to ignore the devastation the banks have brought to this country and let the bosses continue to line their pockets with the money they have robbed from the taxpayer?"

Barclays has remained profitable throughout the recession and has not received a taxpayer bail-out. For 2010 the bank paid some £2.8 Billion to the UK government in taxes.