An indication hangs above an entrance to a department of Barclays Plc financial institution in the City of London, U.Ok.
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LONDON — Barclays on Friday reported first-quarter web revenue of £1.7 billion ($2.37 billion), helped by a fall in loan impairment charges.
The British financial institution stated these charges had fallen “considerably” in the first three months of the yr to £55 million — down from £2.1 billion in the first quarter of 2020.
It additionally reported a rebound in fairness buying and selling and funding banking.
Analysts had anticipated web earnings to return in at £1.three billion for the first three months of the yr, in response to Refinitiv. The British financial institution posted web earnings of £220 million for the fourth quarter of 2020.
Other highlights for the quarter:
- Revenues hit £5.9 billion, down from £6.three 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.
“While momentum in the client companies, significantly card balances, will take time to construct, Barclays secured vital new development alternatives in Q1 (first quarter),” Jes Staley, CEO of Barclays stated in a press release.
“While proof of restoration is encouraging, we’ve continued to take a cautious view of the impression 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% since the begin of the yr.
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