barclays-doubles-q1-profit-before-tax-in-asia

Barclays doubles Q1 profit before tax in Asia

Barclays PLC reports a rise in first-quarter earnings; increases in Asia help boost the quarterly profits.

Barclays PLC announced yesterday that its first-quarter net profit rose 12% to 826 million $1.25 billion from 736 million a year earlier. Revenue increased 42% to 8.15 billion from 5.72 billion. The bank said this was thanks to strong performances by Barclays Capital and most of the international businesses within global retail and commercial banking, as well as tight cost controls.

We generated strong income growth across most business lines driven by the investments we have made in expanding our international network and in buying Lehman, group chief executive John Varley said in a statement. This, together with good cost control, has enabled us to shield the anticipated increase in impairment and absorb further credit...

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