Barclays Q1 2023 Profits Rise by 27% at $2.2 Billion
London-based financial giant Barclays reported its Q1 2023 profits on Thursday. The bank reported a net profit of £1.78 billion ($2.2 billion) for the first quarter of this year, with a 27% rise year-on-year. The banking giant beat Reuters’ analyst’s expectations of £1.432 billion (~$1.78 billion) in profits. The bank’s consumer, cards, and payments section generated 47% more revenue on a branch-by-branch basis than its corporate and investment bank division, which saw just a 1% rise. It partially ascribed to the fact that it had acquired the credit card portfolio of retailer Gap. Barclays UK’s revenue increased by 19% as a result of higher net interest income. The bank also reported credit impairment charges of £500 million (~$623 million). The bank claimed that this was caused by increased card balances in the United States. It also attributed the “continuing normalization anticipated in U.S. cards delinquencies.” Businesses write off assets using impairment charges. As its cust...