Barclays posted first-quarter earnings that beat Wall Street forecasts.
The British bank stomached a £2.1 billion impairment charge to reflect the fallout from the pandemic, driving its net income down 13% to £4.2 billion . Return on average tangible shareholders' equity also slid from 9.6% to 5.1%, well below the bank's target of 10% over time.Earnings per share:"The impact of COVID-19 came late in what was until that point a good quarter," CEO Jes Staley said in the earnings release.
Pre-tax profits slumped 67% in Barclays' UK business, reflecting lower income in the Barclaycard consumer and business banking subdivisions and a £481 million impairment charge.
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