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Barclays pre-tax profits fall 3%

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Barclays Group reported a 3 per cent fall in pre-tax profits in the year to December 31 to £5.9bn, down from £6.1bn in 2010.

The bank’s bonus pool has fallen 25 per cent to £2.15bn, with individual cash bonuses capped at £65,000.

Barclays says the investment banking division’s bonus pot has fallen 32 per cent to £1.5bn.

The bank has reported new gross mortgage lending of £17.2bn in 2011, up from £16.9bn in 2010.

Mortgage balances of £107.8bn at December 31, 2011, were up on last year’s £101.2bn with share by value of 9 per cent, up 1 per cent from last year.

Its gross new mortgage lending equates to a market share by value of 12 per cent, down from 13 per cent last year.

Mortgage redemptions were down to £10.7bn during the year, from £11.0bn in 2010, with net new mortgage lending of £6.5bn, compared to £5.9bn in 2010.

The average LTV ratio on the mortgage portfolio, including buy-to-let on a current valuation basis was 44 per cent, up slightly from 43 per cent in 2010.

The average LTV of new mortgage lending was 54 per cent, up from 52 per cent the previous year.

Its results also reveal that within the UK, term extensions accounted for the majority of forbearance balances.

Since January 2008, an additional £1.5bn of interest-only mortgages have received a term extension, which have not been classified as forbearance as they were interest-only mortgages and the contractual monthly payments did not alter, according to Barclays.

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