Barclays beat analyst expectations for the first quarter, as strong investment banking performance helped drive income growth.
Barclays
on Thursday beat analyst expectations for the first quarter, as strong investment banking performance helped drive income growth. The British bank reported first-quarter net profit attributable to shareholders of £1.4 billion , above analyst expectations of £644 million, according to Refinitiv data. It marks an 18% decline from the first quarter of 2021, when net profit came in at £1.7 billion.
Group income rose 10% year-on-year to £6.5 billion, driven by strong corporate and investment banking earnings during a spike market volatility. "Our income growth was driven partly by Global Markets, which has been helping clients navigate ongoing market volatility caused by geopolitical and economic challenges including the devastating war in Ukraine, and by the impact of higher interest rates in the US and UK," CEO C. S. Venkatakrishnan said in a release accompanying the results.
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