London-based bank Barclays reported first quarter results ahead of consensus on Thursday, with income boosted by higher rates and credit cards.
On a branch basis, income from the bank's consumer, cards and payments division rose 47%, compensating for just 1% growth in its corporate and investment bank division. It partly attributed this to itsThe income of Barclays UK was up 19% due to improved net interest income.
The bank also flagged £500 million in credit impairment charges, which it said resulted from higher U.S. card balances and the "continuing normalisation anticipated in US cards delinquencies." Impairment charges are used by businesses to write off assets. In its previous results, Barclays said it set aside £1.2 billion for such charges last year, as its customers struggled with cost pressures.Analysts at Jefferies said the "robust" results suggested scope for consensus upgrades, with "not a lot to nitpick.
Chief Executive Officer C. S. Venkatakrishnan described it as a "strong" quarter, with income up 11% to £7.2 billion. "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," he said in a statement.
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