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Barclays report 900mn in bad debt in Spain

Tue 15th Feb 2011

Barclays reduced staff bonuses by 7% for 2010, even though profits increased beyond initial forecasts to 32%, as levels of bad debt decreased everywhere except Spain.

Last year's profits before tax increased from 4.59bn to 6.1bn, beyond initial expectations of 5.5bn. The bank said the increase came despite "historically low interest rates; sluggish volumes in many market segments; and considerable regulatory uncertainty".

Bad debts decreased by 30% overall to 5.7bn with a noted fall in impairment at Barclays Capital partially - offset by a significant increase in bad debt in their Spanish arm.

Barclays paid out 3.4bn bonuses, a reduction of 7% on the previous year, whilst bonuses at Barclays Capital fell by 12%. Barclays has also introduced a Contingent Capital Plan (CoCo) as a part of deferred compensation arrangements for all senior staff, which will defer payment for three years.

Barclays Capital reported a pre-tax profit of 4.78bn - an increase of 2% excluding the effect of own credit. Global Retail Banking's profit before tax was 1.83bn, and increase of 0.1bn on 2009. Barclays Corporate made a loss before tax of 631m (2009: profit of 157m) reflecting the levels of bad debt seen in Spain, which was almost 900m.

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