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.
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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.