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Barclays net profit nearly triples for the quarter

30 April 2021
1 min.
Barclays net profit nearly triples for the quarter

Barclays revenue and earnings

Barclays Plc (LON:BARC) posted net profit of 1.704 billion pounds ($2.37 billion) in January-March, up from 605 million pounds a year earlier, the British bank said in a press release. Thus, organization's quarterly net income grew 2.8 times year-on-year.

Analysts polled by Refinitiv had forecast a net profit of 1.3 billion pounds.

Barclays' pre-tax profit rose to 1.903bn pounds from 842m pounds.

Revenue fell 6% to 5.9bn pounds. Revenue in the investment division fell 1% to 3.594bn pounds. However, equity trading revenues jumped 65% to a record 932m pounds.

According to Dealogic, Barclays ranks seventh among global investment banks in terms of revenues. Ranking higher is Credit Suisse Group (SIX:CSGN) AG, which is Europe's largest investment bank.

Barclays recorded a loan loss charge of 55 million pounds in the first quarter against 2.115 billion pounds a year earlier. Experts expected the deductions to be 503 million pounds, notes the Financial Times.

The core core capital adequacy ratio (CET1) stood at 14.6% at the end of the quarter, up from 15.1% at the end of 2020.

Barclays forecasts a significant increase in return on tangible capital (RoTE) in 2021. In addition, the bank expects loan loss charge-offs to decline from 2020.

Barclays shares are down 5.6% on Friday. Since the start of the year, the bank's market value has risen 21.5% to 32.08bn pounds.

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