Profits Dip At Barclays

Editorial Staff

28 February 2024

today said that it had logged a first-quarter 2022 profit, attributable to shareholders, of £1.4 billion ($1.6 billion), down from £1.7 billion a year ago. The figure included litigation and conduct charges net of tax of £400 million, the UK-listed lender said.

The bank doesn’t break out its wealth and investment segment results.

Total operating costs were £4.1 billion in the quarter, rising from £3.6 billion due to litgation and conduct charges stemming from over-issuance of securities in the US and customer remediation linked to a legacy loan portfolio, the bank said in a statement.

Credit impairment charges of £100 million in the quarter were unchanged in the year. The bank’s Common Equity Tier 1 ratio – a common international yardstick of its capital buffer – was 13.8 per cent, narrowing from 15.1 per cent at the end of 2021.

“Our income growth was driven partly by global markets, which has been helping clients navigate ongoing market volatility caused by geopolitical and economic challenges including the devastating war in Ukraine, and by the impact of higher interest rates in the US and UK,” C S Venkatakrishnan, group chief executive, said.