Barclays sees ‘encouraging signs of recovery’ as earnings rebound Business

Barclays had a record quarter in early 2021, achieving unprecedented pre-tax profits for 13 years, the bank revealed.

Bosses said the £ 2.4bn pre-tax profit for the first three months of the year was due to strong growth in its corporate and investment banking division and an improvement in the loan portfolio mortgage.

The mainstreet division of the bank has had a mixed time, with recent lockdowns slashing consumer spending, but the stamp duty holiday continued to help the housing market and its mortgage division.

Depreciation charges – money set aside in the event of default – were also significantly reduced as the economy improved and the post-pandemic outlook appeared more stable compared to a year ago.

Fees for the quarter were just £ 100million up from £ 2.1bn a year ago, although unlike rivals NatWest and Lloyds, Barclays said he would not release yet. provisions.

Managing Director Jes Staley said: “From the early days of last year’s pandemic, our diverse businesses have demonstrated the resilience essential to securing Barclays financial integrity.”

He pointed out that the corporate and investment banking (CIB) had a particularly strong quarter, with revenue of £ 3.6 billion, and return on tangible equity (RoTE) – the preferred measure of the bank – was 17.9%.