Barclays pre-tax profits fall 9 per cent
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Barclays has announced a 9 per cent fall in pre-tax profits for the first quarter of 2011.
Profit before tax stood at £1.65bn for the first three months of 2011, compared to £1.82bn for the first quarter of 2010. Barclays has also announced an 8 per cent fall in total net income claims from £8.1bn in 2010 to £7.4bn in 2011.
Barclays has also revealed that it is likely to pay £100m towards the UK Government bank levy in Q1, 2011. Barclays has announced a 1p dividend per share for the first quarter.
Barclays’ wealth and investment arms also saw mixed fortunes in the first quarter of this year. Barclays Wealth profit before tax rose by 2 per cent from £45m to £47m, however its investment management arm saw profits fall 17 per cent from £29m in the first quarter of 2010 to £24m in 2011.
Barclays chief executive Bob Diamond says: “We have made a good start in 2011 in a challenging external environment. Another solid quarter of profits has further strengthened our Core Tier 1 ratio to 11 per cent. We are making good progress on execution in line with our strategic priorities, with costs and risks carefully managed in the quarter, and our returns on equity and tangible equity - excluding own credit - above 10 per cent and 12 per cent, respectively.”
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