Barclays profit drops

Barclays said its profit fell nine per cent from a year ago as it took a hit on the value of its own credit and income at its key investment banking arm dipped.

Barclays reported a pretax profit of £1.66bn for the January-March period, just below forecasts and down from £1.82bn a year ago. Adjusted profit, stripping out movement in its own credit, was £2bn, up ten per cent on the year.

Its key Barclays Capital investment bank arm contributed underlying profit of £1.3bn, down 15 per cent on a year ago, as top-line income came in at £3.3bn, down from £3.8bn a year ago and just below expectations.