Barclays profit up 32%

Barclays’ pre-tax profits jumped 32% to £6.07bn for the full-year 2010, helped by reduced losses from bad debts and increased marketing spend.

Money stored for bad loans fell 30% on the previous year and for the full-year to 31 December 2010 stood at £5.67bn, reflecting fewer insolvencies among retail customers and businesses.

Group revenues were £31.44bn for the period, up 8% from the previous year. UK lending also increased over £8bn to £43bn.

Barclays spent £631m on marketing, advertising and sponsorship in the year ended 31 December 2010, compared to £492m in the same period last year. This included spend on one of the first advertising spots in new newspaper i and the relaunch of its “Corporate” brand.

The group’s controversial chief executive Bob Diamond says: “Our focus is on execution, which means delivering on our commitments in four key areas: maintaining a strong capital base; improving returns; delivering selective income growth; and demonstrating our credentials as a global citizen.”

In March last year, Barclays appointed Michelle McEttrick as CMO for its new Global Retail Banking division, which reported a slight increase in profit before tax to £1.829bn for the period, up from £1.821bn the previous year.

Barclays also announced a total bonus pool for the year of £3.4bn, down 7% on 2009 despite the profit increase.

The pool does not include the bonus for Bob Diamond, which is reported to be £9.5m, which has caused backlash among some shareholders and analysts.

Last month Diamond said “the period of remorse and apology for banks needs to be over” and that the “blame game” for the financial crisis should end.

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