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Barclays has reported a first-quarter revenue above expectations, hailing a resilient efficiency from its shopper financial institution.
The financial institution reported pre-tax revenue of £2.6bn, above the typical analyst forecast of £2.2bn, and better than the £2.2bn it reported on the identical time final yr.
CS Venkatakrishnan, Barclays group chief govt, stated the outcomes confirmed a “sturdy” first quarter, including: “The momentum throughout the group permits us to take care of a sturdy capital place, ship enticing returns to shareholders and help our prospects and purchasers by way of an unsure financial surroundings.”
Earnings on the lender’s shopper, playing cards and funds division rose 47% to £1.3bn because of rising bank card balances pushed partly by its acquisition of a portfolio from retailer Hole final yr.
However the financial institution’s unhealthy loans provision for the quarter soared to £524m from £141m a yr earlier, one thing it blamed primarily on its US playing cards enterprise.
Funding banking introduced disappointing outcomes – revenue from world markets buying and selling fell 8% and charges from advising on company mergers and fundraisings had been down 7%.
Mergers and acquisitions exercise was at its lowest in additional than a decade, as rising rates of interest and excessive inflation diminished urge for food for deal-making.
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