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30.04.2021

Barclays profit more than doubles in Q1

Barclays profit more than doubles in Q1

On Friday, the bank’s stocks fell over 5% despite upbeat earnings

Stocks impacted: Barclays PLC (BARC)

Barclays PLC said net profit more than doubled in the first quarter as equities trading revenue surged amid recovery from the pandemic. The bank revealed its profits for the first three months of this year had more than doubled from a year earlier to 2.4 billion pounds, up from 923 million pounds a year ago, hitting pre-tax profits not seen in 13 years. Provisions for bad loans fell to 55 million pounds in the quarter from 2.1 billion pounds in the same period last year. The British lender expects costs to rise in 2021 compared to the previous year on the back of coronavirus-related expenses, a real estate review, and higher pay. Shares of Barclays are up about 31% since the start of the year. On Friday, the bank’s stocks fell over 5% despite upbeat earnings.

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