Barclays Q1 2021 results



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A sign hangs above an entrance to a branch of Barclays Plc bank in the City of London, UK

Bloomberg | Bloomberg | Getty Images

LONDON – Barclays reported first quarter net profit of £ 1.7 billion ($ 2.37 billion) on Friday, helped by lower loan impairment charges.

The U.K. bank said those fees had dropped “considerably” in the first three months of the year to £ 55million – from £ 2.1 billion in the first quarter of 2020.

He also signaled a rebound in equity trading and investment banking.

Analysts expected net profit to hit £ 1.3 billion for the first three months of the year, according to Refinitiv. The UK bank reported a net profit of £ 220million for the fourth quarter of 2020.

Other highlights of the quarter:

  • Revenue reached £ 5.9bn, up from £ 6.3bn a year ago.
  • The CET 1 ratio, a measure of banks’ solvency, stood at 14.6%, compared to 15.1% in the previous quarter.

“While the momentum in consumer businesses, particularly card balances, will take time to develop, Barclays secured significant new growth opportunities in the first quarter (first quarter),” said Jes Staley, CEO of Barclays in a statement.

“While the evidence of recovery is encouraging, we continued to take a cautious view of the impact of the pandemic on the business. We remain disciplined on costs, with a cost-to-income ratio of 61% this quarter,” he added.

Barclays shares are up around 31% year-to-date.

This is a story in development and will be updated shortly.

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