Barclays has reported a profit after tax of GBP1.06 billion for the first quarter of 2009 ended March 31, 2009, an increase of 14% compared to GBP925m for the same quarter of 2008.
According to the bank statement, the group profit before tax for the first quarter of 2009 increased 15% to GBP1.37 billion from GBP1.19 billion in the same quarter of 2008.
For the first quarter of 2009, total income net of insurance claims was GBP8.15 billion, an increase of 42% compared to GBP5.73 billion for the same quarter of 2008. According to the bank, this growth has been driven by performances in Barclays Capital and by most of the international businesses within global retail and commercial banking.
Profit attributable to equity holders of the parent was GBP826m for the first quarter of 2009, an increase of 12% compared to GBP736m for the same quarter of 2008.
John Varley, group CEO at Barclays, said: Our results for the quarter showed the continued benefit across our global retail and commercial banking and investment banking and investment management businesses. We generated good income growth across most business lines driven by the investments we have made in expanding our international network and in buying Lehman.
This has enabled us to shield the anticipated increase in impairment and absorb further credit market writedowns on legacy assets. We recognize the importance of continued capital generation and we remain committed to prioritizing returns over growth and to reducing leverage.
