Barclays bank registers mixed profits before big strategy update
May 7, 2014, 12:05 am TWN
LONDON--British bank Barclays on Tuesday posted mixed first-quarter profits, hit partly by slumping income at its investment banking division, ahead of a strategy update which is expected to axe jobs.
Net profits rose 15 percent to #965 million (US$1.6 billion, 1.2 billion euros) in the three months to the end of March from the level a year earlier.
That was helped by falling costs and lower impairment charges, Barclays said in a results statement.
However, adjusted pre-tax profit — stripping out fluctuations in the value of the bank's own debt and provisions to reimburse customers for wrongly sold products — sank by 5.0 percent to #1.69 billion in the quarter.
The drop in adjusted profits was sparked by a "significant decline" of 41 percent from the lender's Fixed Income, Currencies and Commodities (FICC) business.