LONDON — Barclays Plc beat forecasts with a near doubling of profits in 2009 to £11.6 billion ($18.20 billion), cheering investors with an improved balance sheet and boosting shares across the sector. Shares in the bank, the first UK lender to report earnings, jumped over 7 per cent on the bumper profit and lifted its rivals, as investors welcomed its relatively optimistic outlook for 2010 and good news on bad debts and capital ratios.
Britain's second-largest bank by market value avoided a bailout during the crisis but has still been hit by a backlash over banker pay, and said it had reined in payouts, with its two top executives declining their cash bonus.
Its investment bankers will receive average pay of £191,000 for 2009, including an average bonus of £95,000. With a compensation ratio of 38 per cent for its investment banking arm, down from 44 per cent, Barclays is broadly in line with peers; just above Wall Street giant Goldman Sachs but below European rival Deutsche Bank's 40 per cent. — Reuters
