Barclays Posts Drop In 2011 Profit, Lowers Bonus Pool

Barclays PLC

reported a decline in its profit and cut its bonus pool. Barclays' full-year net attributable profit dropped to 3 billion pounds ($4.75 billion), from GBP3.56 billion in 2010. Its net interest income declined to GBP12.2 billion from GBP12.52 billion. Barclays announced its plans to lift its cost-reduction forecast to GBP2 billion by 2013. It has lowered total incentive awards by 26%. Barclays shares gained 4.80% to $15.29 in pre-market trading.