Barclays Q1 2023 earnings

The headquarters of Barclays Plc beyond the West India Quay Docklands Light Railway station in the Canary Wharf financial district in London, UK, on Monday, March 20, 2023.

Bloomberg | Bloomberg | Getty Images

LONDON — Barclays on Thursday reported net profit of £1.78 billion for the first quarter, beating expectations and coming in 27% higher year-on-year.

A consensus Reuters poll of analysts forecast net profit at £1.432 billion.

The results come after a turbulent period for the global banking sector, which saw the collapse of U.S.-based Silicon Valley Bank and several other regional lenders in early March and the rapid takeover of Credit Suisse by Swiss rival UBS.

Earlier on Thursday, Deutsche Bank reported first-quarter net profit of 1.158 billion euros ($1.28 billion), coming above a consensus forecast of 864.54 million euros.

The bank was briefly swept up in the banking volatility of last month, when its stock plunged and  credit default swaps — a form of insurance for a company’s bondholders against its default — rose sharply.

Market watchers are once more focusing on U.S. banks this week, after First Republic revealed heavier-than-expected deposit outflows in the first quarter, with its stock dropping to a record low.

This is a breaking news story and will be updated shortly.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *