Barclays Posts 2.8 Billion Pound First Quarter Profit
The British bank reported steady earnings as a 308 million dollar provision for a collapsed lender was balanced by robust investment banking and trading income.
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BARCLAYS PLC reported first-quarter profits that met market expectations on Tuesday, as a significant write-down related to a collapsed lender was balanced by growth in its investment banking division. The United Kingdom-based bank posted a pre-tax profit of 2.8 billion pounds for the January-March period, a slight increase from 2.7 billion pounds during the same timeframe last year. In tandem with the results, the lender announced a new 500-million-pound share buyback program.
