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.
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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Lloyds Banking Group boss Antonio Horta-Osorio received a £11.5 million bonus for 2014, the bank has confirmed.
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:
A job well done. This is how Lloyds Banking Group's executives will be rewarded. http://t.co/iOnCoKP1FB
Overall, the bank's annual bonus pool was £369.5 million, 3.6% less than the previous year.
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.
"A major milestone in the recovery of the British economy from the Great Recession and the bank bailouts" - Chancellor on Lloyds dividend.
Lloyds also confirmed money has been set aside to cover the continuing fallout from the PPI scandal.
Lloyds makes additional provision of £700m for claims from customers mis-sold PPI. Total cost to bank (and shareholders) now £12 billion
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.
The payments to the three million shareholders will total £535 million after the fourfold rise in annual profits.
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.
Royal Bank of Scotland posted a loss of £3.45bn in 2014, its annual results showed.
The result compared to a loss of £9bn in 2013.
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."