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Barclays Q1 Profit Before Tax Zooms 47%

Barclays has posted a profit before tax of GBP1.82bn for the first quarter ended March 31, 2010, up 47% compared to GBP1.24bn for the same quarter of 2009.

Total income net of insurance claims for the first quarter of 2010 increased 4% to GBP8.06bn from GBP7.72bn for the first quarter of 2009.

The loan loss rate was 112 basis points compared to 131 basis points for the first three months of 2009.

Global retail banking profit before tax for the first quarter of 2010 decreased 6% to GBP403m compared to GBP429m in the same quarter of 2009. Income decreased 3% partly as a result of continued liability margin compression in the UK.

Corporate and investment banking, and wealth management profit before tax for the first quarter of 2010 grew 47% to GBP1.47bn compared to GBP1bn for the first quarter of 2009; and income increased 4% to GBP4.91bn from GBP4.71bn in 2009.

John Varley, group chief executive at Barclays, said: “Diversification of our business and risk, and good underlying performance, have combined to produce this result. The improvement that we have seen in impairment reflects the signs of economic recovery now evident in many of the markets in which we operate.”