LONDON (Reuters) – Barclays reported a 12% fall in first-quarter profit on Thursday as UK mortgage prices squeezed, falling trading revenues and low merger fees hit. acquisitions (M&A) reflecting the difficulties that the British bank will have to face in carrying out its first strategic overhaul in ten years.
The banking group recorded a pre-tax profit of 2.277 billion pounds (2.651 billion euros) between January and March, down from 2.6 billion pounds recorded the previous year, and in line with forecasts of the analyst consensus provided by the bank.
Barclays is working to restore investor confidence in its universal banking model, after years of share price underperformance, conflicts with activists over the role of its investment bank and governance changes .
On February 20, the British bank announced a three-year plan to revive its stock price, including returning 10 billion pounds to shareholders, reducing its costs by 2 billion pounds and investing in its retail bank in the Kingdom. -United.
Investment banking revenues fell 7% in the first quarter, below expectations, as good performance in equities was offset by lower fixed income transactions and merger advisory fees.
Rival bank Deutsche Bank reported a 10% increase in first-quarter profit on Thursday, driven by a rebound in bond and M&A revenues.
(Reporting Lawrence White; French version Stéphanie Hamel, edited by Blandine Hénault)
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