British bank Barclays' profit falls 18% in Q1

By Ovunc Kutlu

ANKARA (AA) – British multinational bank Barclays saw its profit decline in the first quarter of 2022, according to financial results released on Thursday.

Profit attributable to shareholders fell to £1.4 billion ($1.76 billion) in the January-March period, a decline of 18% from £1.7 billion ($2.2 billion) in the same period of last year.

Its total income, on the other hand, increased 10% to £6.5 billion ($8.1 billion), from £5.9 billion ($7.4 billion) year-on-year.

Barclays Group Chief Executive Coimbatore Sundararajan Venkatakrishnan said in a statement that market volatility is caused by geopolitical and economic challenges, including the war in Ukraine, and by the impact of higher interest rates in the US and UK.