Thursday 28 April 2022 6:55 am

Barclays secures income and profit growth as it shakes off ex-CEOs woes

Barclays has kicked off the year with income and profit growth, as it navigates ongoing geopolitical and economic obstacles – and tries to shake off its former CEO’s woes.

The British lender reported income was climbing 10 per cent to £6.5bn in the first quarter, alongside profit before tax of £2.2bn – which includes the £450m hit it shouldered in the over-issuance of securities in the US and customer remediation of a legacy loan portfolio.

Chief executive Coimbatore Sundararajan (C. S.) Venkatakrishnan said Barlcays had delivered a “strong” performance, with income growth being driven by its global markets activity which has been booming as client look to get a grip on rising volatility.

Venkatakrishnan, an American banker, replaced scandal-struck ex-CEO Jes Staley late last year, after his links to late paedophile Jeffrey Epstein came to light.

“We remain focused on the impact higher prices are having on our customers and our small business and corporate clients, all of whom are facing far harder conditions this year as a result of inflation, supply chain issues and higher energy costs,” added Venkatakrishnan.

“We will support them through this difficult period wherever we can, and support the wider economy just as we did through the Covid-19 pandemic.”

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