Barclays (BARC.L) posted a reported pretax profit of £2.6bn for the first quarter as higher interest rates bolstered its income in the UK.
Income from the bank’s consumer division were up 47%, compensating for just 1% growth in its corporate and investment bank division.
Investment banking was more mixed, with income from the global markets trading business sliding 8% and fees from advising on corporate deals also down 7%.
The bank reported pre-tax profit of £2.6bn, above the average analyst forecast of £2.2bn, and higher than the £2.2bn it reported at the same time last year.
It also saw its net interest income for the UK business – the difference between what a bank earns from loans and pays for savings – surge by a fifth compared to the same quarter last year, to £1.6bn.
Read more: UK banks: Here’s what to expect from Q1 results
CS Venkatakrishnan, Barclays group chief executive, said: “This is a strong first quarter with group income up 11% to £7.2bn and profit before tax up 16% to £2.6bn, generating a group return on tangible equity (RoTE) of 15% and earnings per share (EPS) of 11.3p.
“All three businesses have performed well with high quality income growth and double-digit returns.
“The momentum across the group allows us to maintain a robust capital position, deliver attractive returns to shareholders and support our customers and clients through an uncertain economic environment.”
Bad debt provisions increased to £524m from £141m reflecting higher US cards balances and the continuing normalisation anticipated in US cards delinquencies.
Watch: Barclays lend less to mortgage seekers after Truss mini-budget
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