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Barclays posts 22% Q1 profit rise

26 April 2012

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Barclays posts 22% Q1 profit rise
Robert Edward Diamond, Jr. - Group Chief Executive, Barclays Plc.

Barclays recorded a significant increase in its profits in the opening quarter of the year, new figures have revealed.

Data released by the major British bank - which employs more than 140,000 people - showed its pre-tax profits went up to £2.45 billion ($3.9 billion) over the duration of the first three-month period of 2012.

This represents a rise of 22 per cent on the figure of £2 billion posted at the corresponding time in 2011 and Bob Diamond, chief executive officer of the bank, said this is an "encouraging start to the year and "demonstrates continued progress across our execution priorities".

Meanwhile, Barclays Capital, the investment division of the firm, saw its top-line income go up to £3.46 billion over the course of the same timeframe - a 91 per cent hike on the level recorded in the previous quarter.

"We will be proactive and seek to lead the agenda on recovery and resolution planning," Mr Diamond added.

By Asim Shah

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