A state-funded profit bonanza at Barclays

Barclays announced record figures for 2009 this week. Not bad for a bank propped up by taxpayers' support of its peers.

Barclays has reported record figures for 2009 this week. Annual revenues hit a record £31bn and overall pre-tax profits (boosted heavily by the sale of money manager Barclays Global Investor) were a record £11.6bn. Underlying pre-tax profits of £5.6bn were more than triple the 2008 figure. Almost half came from the group's investment bank, Barclays Capital. Bad debts, although almost 50% higher at £8bn than for 2008, came in £1bn lower than expected.

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