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Barclays announces £1.82bn Q1 pre-tax profit

Barclays has announced a pre-tax profit of £1.82bn for the three months ending March 31, an increase of 47 per cent from the same period in 2009.

The bank’s income increased by 4 per cent to £8bn, and the UK retail division recorded a profit of £238m.

Gross lending balances to UK households and businesses were up £16bn during Q1 2010, including £7bn relating to the acquired Standard Life Bank.

Customer deposits in the global retailing bank, Barclays Corporate, Barclays Wealth and Absa increased by 5 per cent to £259bn from the year end.

Group chief executive John Varley says: “I am pleased with the strong growth in profits which we have delivered this quarter. Diversification of our business and risk, and good underlying performance, have combined to produce this result. The improvement that we have seen in impairment reflects the signs of economic recovery now evident in many of the markets in which we operate.”

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