Barclays reports better than expected first quarter pretax profit of $2.4 bln

Barclays reports better than expected first quarter pretax profit of $2.4 bln

LONDON, April 26 (Reuters) – Improved revenue at its funding financial institution helped Barclays report a better than expected first quarter pretax profit of 1.7 billion kilos ($2.four billion) on Thursday, though fines and authorized prices from historic misconduct points led to a statutory loss.

Barclays took a 1.four billion pound hit from its settlement with the U.S. Justice Department over the sale of poisonous mortgage-backed securities within the run-up to the 2007 monetary disaster, and an additional 400 million pound hit to cowl claims towards mis-selling of cost insurance coverage merchandise in Britain.

The underlying profit was better than the common analyst estimate of 1.63 billion kilos.

The financial institution reported a typical fairness tier 1 ratio, a carefully watched measure of monetary energy, of 12.7 p.c, down from 13.three p.c in February as its reserves took the hit from the U.S. tremendous.

Barclays’ International division, which accommodates its under-pressure funding financial institution, reported a profit earlier than tax excluding litigation prices of 1.four billion kilos, better than the 1.1 billion common of analysts’ forecasts. ($1 = zero.7171 kilos) (Reporting By Lawrence White and Emma Rumney, enhancing by Sinead Cruise)

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