An indication hangs above an entrance to a department of Barclays Plc financial institution within the Metropolis of London, U.Ok.
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LONDON — Barclays on Friday reported first-quarter internet revenue of £1.7 billion ($2.37 billion), helped by a fall in mortgage impairment prices.
The British financial institution stated these prices had fallen “considerably” within the first three months of the yr to £55 million — down from £2.1 billion within the first quarter of 2020.
It additionally reported a rebound in fairness buying and selling and funding banking.
Analysts had anticipated internet earnings to return in at £1.3 billion for the primary three months of the yr, in accordance with Refinitiv. The British financial institution posted internet earnings of £220 million for the fourth quarter of 2020.
Different highlights for the quarter:
- Revenues hit £5.9 billion, down from £6.3 billion a yr in the past.
- CET 1 ratio, a measure of financial institution solvency, got here in at 14.6%, a fall from 15.1% final quarter.
“Whereas momentum within the client companies, significantly card balances, will take time to construct, Barclays secured important new development alternatives in Q1 (first quarter),” Jes Staley, CEO of Barclays stated in a press release.
“Whereas proof of restoration is encouraging, now we have continued to take a cautious view of the affect of the pandemic on the enterprise. We stay disciplined on prices, with a price to earnings ratio of 61% this quarter,” he added.
Shares of Barclays are up about 31% for the reason that begin of the yr.
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