In Q1 2023, Barclays reported a rise in net profit to $2.2B, up 27% YoY and exceeding analysts' predictions.
The Multinational Bank also stated that revenue increased 11% to $8.9B, above projections of $8.4B.
Profit at Barclays UK, the bank's ringfenced consumer lender, increased 30% to $642M, primarily due to growth in net interest earnings from higher rates.
- The rate environment helped Barclays' international consumer, cards, and payments segment, which saw a 47% increase in revenue to $1.6B.
- According to Barclays CEO CS Venkatakrishnan, risk management and strong liquidity have helped shield the company from market events like the bankruptcies of Silicon Valley Bank and Credit Suisse in March.
- Early trading saw a 4% increase in the bank's stock, but it has underperformed this year and is selling at about half its book value.
