Barclays profits surge, bosses decline bonuses

LONDON: British bank Barclays on Tuesday said that its net profits surged 114 percent to 9.393 billion pounds (10.807 billion euros, 14.756 billion dollars) in 2009.

Barclays said that despite the massive hike in profit compared with net earnings of 4.382 billion pounds in 2008, group chief executive John Varley and president Bob Diamond had turned down bonuses for a second year running.

"The Board considers that the performance of Barclays has been strong in 2009," the bank said in its earnings statement.

"However, out of consideration of the continued impact of the economic downturn on many clients, customers and shareholders, combined with the fact that banks and bankers' pay remain matters of intense public interest and concern, both (Varley and Diamond) have advised the Board that they wish to decline any such awards for the second successive year."