BARC Barclays Plc

   By Pietro Lombardi 
 

Barclays PLC is the latest U.K. bank that beat first-quarter expectations, and once again provisions for soured loans played a key role.

The bank posted Friday a quarterly pretax profit of 2.40 billion pounds ($3.35 billion). This compares with GBP913 million a year earlier and analysts' expectations of GBP1.76 billion.

Impairments charges dropped sharply to GBP55 million from GBP2.12 billion. Analysts had expected provisions of GBP503 million.

Results released this week by U.K. peers NatWest Group and Lloyds Banking Group also beat expectations, as the banks released some of the money they had stowed away for potential soured loans.

Net profit at Barclays rose to GBP1.70 billion from GBP605 million, while revenue fell 6%, hit by a 21% decline in net interest income.

The bank confirmed its medium-term targets. As for this year, it expects higher costs, while impairments charges should be significantly below last year's levels. It also expects to reduce the impairment provision level.

Barclays has accrued an ordinary dividend of 0.75 pence in the first quarter, but said that this shouldn't be taken as a guidance for future capital distribution.

Write to Pietro Lombardi at pietro.lombardi@wsj.com; @pietrolombard10

(END) Dow Jones Newswires

April 30, 2021 02:41 ET (06:41 GMT)

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