Barclays Bank is announcing full-year profits for 2009 went up by 92 per cent to £11.6bn. The results were considerably helped by the sale of its BGI fund management arm to the US firm BlackRock last year, but even accounting for this Barclays would have made £5.6bn. The dramatic rise from 2008's $1.6bn profit was assisted by the fact that there weren't so many write-downs caused by the financial crisis this time around. The bank, which did not take any direct state help during the crisis, says its total bonus payouts for staff had been 'reined in' to £2.7bn.

The bonus pool at Barclays will consist of an initial £1.5bn in bonuses for 2009 and a further £1.2bn to be paid over three years. Most of this largesse will go to staff at its Barclays Capital investment banking arm, which made £2.5bn in the 2009 results just announced by the banking group. The retail banking arm of Barclays made £612m in profits; Barclaycard £761m; and its commercial banking operation £749m.

Approximately 22,000 investment banking staff will receive £191,000 each on average in salary and bonuses at BarCap, of which £95,000 is in the form of a discretionary bonus. The bank's chief executive, John Varley, and president, Bob Diamond, have turned down bonuses for the second consecutive year, however, citing the "intense public interest and concern" about bankers' pay as a reason. Whether this will be enough to defuse the inevitable public outcry about the £2.7bn worth of bonus payments is debatable. For while Barclays did not accept a taxpayer-funded bailout, choosing instead to repair its balance sheet with Middle Eastern money, it has benefited hugely from the UK government's stimulus' package.

The reaction to these latest results figures will be interesting to observe and, perhaps, an indicator if public anger about the banking induced recession is abating or getting stronger. If it's the latter, the Tobin tax idea, taken up by President Obama with his American levy, will only increase its attractiveness to policymakers looking for a headline before the election.

In terms of the results alone though and City reaction, Fiona Swaffield, an analyst at stock broking and investment firm, Execution Noble, summed it up by proclaiming it "a better than expected performance".

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