Barclays reports Q1 adjusted basic EPS 6.3p vs. 7.1p last year
Barclays Group profit before tax was GBP 1.48B vs. loss of GBP 0.2B last year. Excluding litigation and conduct, Group profit before tax was GBP 1.5B vs. GBP 1.7B last year. Income was down 2% and operating expenses were reduced by 3%. CIB income of GBP 2,505m decreased 11% reflecting reduced client activity, lower volatility and a smaller banking fee pool across the industry. Markets income decreased 6% to GBP 1,369m, Banking fees income decreased 17% to GBP 569m, and Corporate income decreased 13% to GBP 567m. Within Markets, FICC income increased 4% to GBP 902m driven by a strong performance in Rates. Equities income decreased 21% to GBP 467m driven by equity derivatives which was impacted by reduced client activity and subdued volumes, compared to a strong Q118 that saw higher levels of volatility. CEO Jes Staley said: "We have announced that Barclays earned just over GBP 1bn of attributable profit in the first quarter of 2019, or 6.1 pence per share. Group RoTE was 9.2% in spite of a mixed environment for global banks. TNAV increased 4p to 266p, which has now grown in each of the last four quarters. Group profits before tax were GBP 1.5bn, with positive jaws driven by a 3% reduction in costs, excluding litigation and conduct, versus a 2% reduction in revenues... What you see in the first quarter is Barclays using this discretion around variable compensation to manage our costs and deliver expected profitability. A 9.6% RoTE, excluding litigation and conduct, in the first quarter of this year is a good step towards our objective of delivering a RoTE of greater than 9% in 2019 and greater than 10% in 2020."