Barclays Plc - UK's second-largest bank, posted a record ten-fold net income increase for the fourth quarter, following the sale of its Global Investment Unit and the CEO and the President deciding not the take bonuses.
Second-half profit also more than doubled prompting shares to rise almost 10 per cent in early trade today.
The net income of the London-based lender, which declined any assistance from the government, jumped to $10.45 billion after it booked a 6.33 billion pound pretax gain on the sale of its exchange traded fund business to Black Rock in June last year.
Barclays still has a stake of 19.9 percent in the combined entity. In the very same year in October Barclays also acquired Standard Life's Standard Life Bank in October 2009.
Net income for the six months to December rose to $11.8 billion. Barclays Chief Executive Officer John Varley and President Robert Diamond declined bonuses for a second year, the bank said. Barclays recorded an 89 per cent rise in full-year profit to 2.46 billion pounds.
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