Barclays has reported a first-quarter revenue above expectations, hailing a resilient efficiency from its client financial institution.
The financial institution reported pre-tax revenue of £2.6bn, above the common analyst forecast of £2.2bn, and better than the £2.2bn it reported on the similar time final 12 months.
CS Venkatakrishnan, Barclays group chief government, stated the outcomes confirmed a “strong” first quarter, including: “The momentum across the group allows us to maintain a robust capital position, deliver attractive returns to shareholders and support our customers and clients through an uncertain economic environment.”
Income on the lender’s client, playing cards and funds division rose 47% to £1.3bn due to rising bank card balances pushed partly by its acquisition of a portfolio from retailer Gap final 12 months.
But the financial institution’s dangerous loans provision for the quarter soared to £524m from £141m a 12 months earlier, one thing it blamed primarily on its US playing cards enterprise.
Investment banking introduced disappointing outcomes – earnings from international markets buying and selling fell 8% and costs from advising on company mergers and fundraisings have been down 7%.
Mergers and acquisitions exercise was at its lowest in additional than a decade, as rising rates of interest and excessive inflation decreased urge for food for deal-making.
Content Source: information.sky.com