Barclays welcomes signs of economic recovery as profits soar

Katrina Lloyd
clock

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

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Your profession

IFS director warns of 'months of speculation' over Autumn tax rises

IFS director warns of 'months of speculation' over Autumn tax rises

Likely that taxes could be raised further, thinktank director warns

Sahar Nazir
clock 27 March 2025 • 2 min read
Shackleton adds £200m in assets with PK Financial Planning buy

Shackleton adds £200m in assets with PK Financial Planning buy

Acquires financial planning, employee benefits and DFM businesses

Jenna Brown
clock 27 March 2025 • 1 min read
Spring Statement 25: PISCES legislation to come in May

Spring Statement 25: PISCES legislation to come in May

Clarity on tax implications

Cristian Angeloni
clock 26 March 2025 • 1 min read