Barclays' pre-tax profit for Q1 soared by 47% on the same period last year to £1.82bn, helped by a reduction in bad debts.
The banking giant said there were signs the economic recovery had started as its underlying profit, excluding gains on acquisition and disposals, rose a huge 90%. Its strengthened investment banking unit continued to perform strongly with profit before tax up 47% to £1.47bn. Retail banking also made a big contribution to the profit rise, up 20% to £238m. However, this included a £71m profit on the acquisition of Standard Life Bank.
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
