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April 27, 2011    

Barclays report fall in Q1 profits

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by Kay Murchie

British banking giant Barclays has today announced a fall in pre-tax profits for the first quarter.

The bank said profits were 9% lower at £1.66 billion due to a 15% fall in revenues at Barclays Capital.

Today’s results were lower than analysts expectations.

However, profits from its retail and business banking operations rose by 21% to £692 million – boosted by a 39% fall in impairment charges relating to bad loans.

The figures come as the bank prepares to face its shareholders at its annual meeting. Investors are concerned about the bank’s bonuses after chief executive, Bob Diamond, is in line for a £6.5 million bonus for the 2010 year.

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