Barclays posts fall in pretax profit, but still beats forecasts
Barclays PLC reported on Thursday a decline in pretax profit for the first quarter of 2022, which still came in ahead of market expectations, and said that it was keeping its capital and return on equity ratios for the year as a whole unchanged despite booking higher impairments.
The FTSE 100 listed lender posted a pretax profit for the quarter of 2.23 billion pounds compared with GBP2.40 billion for the same period last year. It was expected to post a pretax profit of 1.32 billion pounds for the first quarter of 2022, according to its own compiled consensus. Barclays's net profit fell to GBP1.40 billion from GBP1.70 billion for the same period last year. It was anticipated to fall to GBP464 million, taken from the bank's compiled forecasts.
Total operating expenses rose to GBP4.11 billion, when the market anticipated it to increase to GBP4.13 billion, according to the lender's compiled forecasts. This compares with operating costs of GBP3.58 billion for the year-earlier period. "Acknowledging geopolitical uncertainty and cost of living pressures, the impairment charge is expected to remain below pre-pandemic levels in coming quarters given reduced unsecured lending balances and appropriate coverage ratios," the company said after booking a credit impairment charge of GBP141 million from a charge of GBP55 million for the same period last year.
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