Barclays bank profit falls 13% to £1,798m in first quarter
Barclays' attributable profit fell by 13% to £1,550 million (€1,798 million) in the first quarter compared to the same period of 2023, due to a drop in transaction revenues, the bank reported today.
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Economia Barclays
In a statement sent to the London Stock Exchange, the bank reported that pre-tax profit in the quarter was £2,277 million (€2,641 million), down 12% on the same quarter last year.
Revenue in the three months to the end of March totalled £6,953 million (€8,065 million), a fall of 4% compared with the same period in 2023.
Barclays said its loan-to-deposit ratio was 72% in the period, compared with 73% a year earlier, while its Tier 1 capital ratio was 47.1%, compared with 46% in the first quarter of 2023.
The bank’s chief executive C.S. Venkatakrishnan said the group had announced the sale of its Italian mortgage portfolio and was investing in its core UK business, including completing the acquisition of Tesco Bank in the fourth quarter of this year.
“We continue to execute against our cost discipline and remain well capitalised,” he added.
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