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Barclays pre-tax profits increase by 12% to £5.5 billion

Barclays pre-tax profits rose 12% to £5.5 billion in 2014, the bank reported today.

At the same time bonuses paid out by the bank fell 22% to £1.86 billion.

Barclays has reported pre-tax profits of £5.5 billion in 2014. Credit: PA Wire

The latest positive figures come despite Barclays admitting that they have taken an additional £750 million hit to cover the costs of their alleged involvement in the foreign exchange rate-rigging scandal.

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£11.5m bonus for Lloyds Banking Group boss

Lloyds Banking Group boss Antonio Horta-Osorio received a £11.5 million bonus for 2014, the bank has confirmed.

Lloyds Banking Group boss Antonio Horta-Osorio Credit: John Stillwell/PA Archive

His bonus included more than £7 million from a long-term share-based plan linked to the bank's performance for the three years since 2012.

ITV News Business Editor Joel Hills has tweeted the breakdown of bonuses awarded to the bank's executives:

Overall, the bank's annual bonus pool was £369.5 million, 3.6% less than the previous year.

Osborne hails Lloyds profits as 'major milestone'

Chancellor George Osborne has hailed the announcement of £1.8bn profits at Lloyds Banking Group as a "major milestone in the recovery of the British economy", ITV News Business Editor Joel Hills has reported.

Lloyds also confirmed money has been set aside to cover the continuing fallout from the PPI scandal.

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Profitable Lloyds to pay first dividend since bailout

Lloyds Banking Group will pay its first dividend to shareholders in six years - since its 2008 bailout - after reporting annual profits of £1.8 billion.

Lloyds Banking Group is 24% owned by the taxpayer. Credit: Stefan Rousseau/PA Wire

The payments to the three million shareholders will total £535 million after the fourfold rise in annual profits.

£1.8bn
Lloyds Banking Group's annual profits.
£130m
The amount the Treasury will receive as part of the banking group's dividend payment.

Lloyds was rescued after an input of £20 billion taxpayer funds in 2008 at the height of the financial crisis.

The Government's 40% stake has since been reduced to 24%, meaning the Treasury will receive £130 million from the company's 0.75p a share dividend payment.

HSBC bosses reject suggestion they should step down

HSBC chairman Douglas Flint has rejected the suggestion that he and the bank's chief executive Stuart Gulliver should lose their jobs over the current banking scandal.

Asked by MP John Mann at a House of Commons Treasury Committee meeting why he had not sacked Mr Gulliver he said it was because "I think he's doing an excellent job."

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