The sign hangs above the entrance to the Barclays Plc branch in the City of London, UK
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LONDON – Barclays reported a first-quarter net profit of £ 1.7bn ($ 2.37bn) on Friday, aided by a drop in the cost of the loan.
The British bank said that these accusations in the first three months of this year “dropped significantly” to 55 million pounds – from 2.1 billion in the first quarter of 2020.
She also reported a recovery in stock trading and investment banking.
Analysts had expected net profit of £ 1.3 billion for the first three months of the year, according to Refinitiv. British Bank published net revenue of £ 220 million for the fourth quarter of 2020.
Other moments for this quarter:
- Revenue reached £ 5.9 billion, up from £ 6.3 billion a year ago.
- The CET 1 ratio, a measure of bank solvency, was 14.6%, down from 15.1% last quarter.
“While it will take time for momentum in consumer business, especially for card balances, Barclays provided significant new growth opportunities in the first quarter (first quarter),” said Jes Staley, Barclays CEO.
“While the evidence of recovery is encouraging, we have continued to look cautiously at the impact of the pandemic on business. We remain disciplined towards costs, with a cost-to-income ratio of 61% this quarter,” he added.
Shares of Barclays have risen about 31% since the beginning of the year.
This is news in development that will be updated soon.