Shares in Barclays Bank have shot up by almost 20p this morning following its results announcement.
The banking group has kicked off the banking season with a 92 per cent profit increase posting pre-tax profits of £11.6billion for 2009, up from the £6.1billion in 2008, and a stark contrast to the profits expected for the likes of Lloyds and RBS.
Unlike Lloyds and RBS, Barclays did not take any direct state help during the financial crisis, which has left the bank in a strong position. Commenting, John Varley, chief executive at the group said:
"Our record income performance produced a sharp increase in underlying profitability in 2009. We have strengthened our financial position considerably over the year in the areas of capital, liquidity and leverage and are well positioned to manage further changes that may be required of us by our regulators."
The results also revealed that both John Varley and Group President Robert E Diamond Junior turned down their bonuses.
Speaking of the results, Nick Raynor, investment advisor at The Share Centre said: "Barclays has been our favourite bank since it refused to be bailed out by the Government, instead opting to take matters into its own hands.
"Today's news that both the bank's chief executive and president turned down a bonus for a second year in a row, goes to show its management is well aware of its position and the public's interest and concern over bonuses within the sector."
The bank's income was boosted by the sale of Barclays Global Investors (BGI), which was sold for £6.3billion.
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