Barclays boosts bonus pool but profits disappoint

Barclays Bank saw adjusted pre-tax profits fall by almost a third during 2013 as litigation costs impacted the business, but has increased the bonuses it pays staff.

Yesterday the bank was forced to reveal its 2013 profits a day early after a leak in a financial diary column. Over the 12 months to 31 December, the bank reported adjusted pre-tax profit fell 32% from £7.6bn to £5.2bn, while income fell 4%.  Adjusted profit before tax in the fourth quarter was down £1.2bn to £191m compared to the previous quarter, partly due to the impact of litigation and regulatory penalties in the investment bank. Statutory profit before tax was £2.9bn, up from £797m in 2012, reflecting a reduced own credit charge of £220m (2012: £4.6bn). PPI provision fell fro...