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 wi...

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

The rarely discussed barriers to closing the advice gap

The rarely discussed barriers to closing the advice gap

'The real issue isn't just access, it's attitudes, representation, and engagement'

Harry Webster
clock 04 April 2025 • 7 min read
The Apprentice stars call for more financial advice as online businesses surge

The Apprentice stars call for more financial advice as online businesses surge

‘Crucial that young entrepreneurs receive the right guidance to manage their finances’

Sahar Nazir
clock 03 April 2025 • 2 min read
Trump pushes ahead with global 'reciprocal' tariffs, sending markets into a tailspin

Trump pushes ahead with global 'reciprocal' tariffs, sending markets into a tailspin

20% on EU, 10% on UK

Sorin Dojan
clock 03 April 2025 • 2 min read