Barclays beats expectations in the first quarter as loan impairment charges slide

Barclays on Friday reported first-quarter net profit of £1.7 billion ($2.37 billion), helped by a rebound in equity trading and investment banking.

The British bank also said credit impairment charges had fallen “significantly” to £100 million, down from £2.1 billion in the first quarter of 2020.

Analysts had expected net income to come in at £1.3 billion for the first three months of the year, according to Refinitiv. The British bank posted net income of £220 million for the fourth quarter of 2020.

Shares of Barclays are up about 31% since the start of the year.