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Barclays reports 21% fall in pre-tax profits | |
(35 minutes later) | |
Barclays banking group, sponsor of football's Premier League, has reported a sharp fall in profits. | |
Statutory pre-tax profits fell 21% to £2.26bn for the year to 31 December 2014. | |
The group increased its provision to cover any fallout from a probe into currency market manipulation by £750m to £1.25bn. | |
But stripping out this and other provisions, profits rose 12% to £5.5bn, the bank said. | |
Boss Antony Jenkins was awarded a £1.1m bonus - his first as chief executive - pushing his total pay package to £5.5m for 2014. | |
But the bank reduced the overall pool of money allocated for bonuses by 22% to £1.86bn. | |
Provision for payment protection insurance (PPI) compensation was increased by £200m for the last three months of 2014, the bank said, taking the year's total to £1.1bn. | |
But Mr Jenkins said the banking group was stronger and had better prospects than "at any time since the financial crisis." | |
Speaking to the BBC's Today programme, Mr Jenkins defended his bonus, saying the bank had reduced operating costs by 9% to £19bn and had made a "huge amount of progress." | |
Referring to the large amounts set aside to cover legal costs, fines and compensation, he said he was determined the bank would not make the same mistakes again. |