Barclays rides out storm to post profit

LONDON: Britain's Barclays bank said on Monday it had overcome writedowns and losses of 8.1 billion pounds (11.8 billion dollars, 9.1 billion euros) last year to post healthy profits that declined only slightly from 2007.

The group said net profit for 2008 reached 4.382 billion pounds compared with 4.417 bilion pounds in 2007.

"In a very difficult economic environment in 2008, Barclays has steered a course that has enabled us to be solidly profitable despite strong headwinds," the bank said in a statement.

Chief executive John Varley said the group would not pay a dividend for 2008 because of the need to hold cash and also announced a shake-up of its compensation scheme.

"Executive directors will receive no bonuses for 2008. For 2009 and beyond, we are reviewing our compensation policies and practices to ensure that they evolve appropriately," he said.