Barclays reported a slightly smaller than expected 12% fall in first quarter profit on Thursday, boosting confidence among investors that its turnaround task was on track despite lower income from trading and sluggish mortgage demand.
The logo of Barclays bank is seen on glass lamps outside of a branch of the bank in the City of London financial district in London September 4, 2017. REUTERS/Toby Melville/ File Photoreported a slightly smaller than expected 12% fall in first quarter profit on Thursday, boosting confidence among investors that its turnaround task was on track despite lower income from trading and sluggish mortgage demand.
"Barclays has posted a strong foundation for the delivery of 2024 guidance. Now they need to maintain the momentum," said Max Georgiou, analyst at Third Bridge, describing the lender's planned savings targets as "challenging" unless more jobs are cut this year. Total investment bank income fell 7%, just shy of expectations, and the unit's overall return on tangible equity of 12% was 2.4% percentage points lower than the first quarter of 2023.Barclays said income in its traditionally strong Fixed Income, Currencies and Commodities unit fell 21% as clients' trading slowed and against a strong year-ago comparison.RIVALS OUTPERFORM
The UK Corporate Bank was the laggard, posting ROTE of 15.2% from 21.7% a year ago as a 10% slide in income from transaction banking offset an 18% rise in corporate lending.
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