Barclays Q1 profit falls 9% as levy bill tipped at £100m

clock

Barclays reported pretax profits fell 9% to £1.66bn in Q1 2011, down from £1.82bn in Q1 2010.

The bank, which declared a dividend of 1p for Q1, said total net income had fallen 8% to £7.4bn, driven by the "impaired economic environment" and a higher charge to its own credit. Adjusted profit before tax, excluding own credit and gains on acquisitions and disposals, rose 10% to £2bn. Barclays also revealed it is expecting to shell out £100m to cover its bill for the upcoming bank levy, although this has not been included in the results. It said: "The impact of the UK bank levy, for which legislation has not yet been enacted, is not reflected in these results in accordance with g...

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

Friday Night Takeaway: It's the return of the banks

Friday Night Takeaway: It's the return of the banks

The news editor's Friday Night Takeaway from 10 July

Isabel Baxter
clock 10 July 2026 • 3 min read
Carla Brown on PFS/CII relationship reset and how chartered status is 'essential'

Carla Brown on PFS/CII relationship reset and how chartered status is 'essential'

PFS president and chair joins Professional Adviser in the studio

Professional Adviser
clock 10 July 2026 • 1 min read
FCA spotlights vulnerability in latest Consumer Duty review

FCA spotlights vulnerability in latest Consumer Duty review

Treatment of vulnerable clients still an area of improvement for firms

Sophia Panayi
clock 10 July 2026 • 2 min read