Logos are seen outside a branch of Barclays bank in London July 30, 2013. — Reuters picLONDON, April 30 — British bank Barclays today announced soaring profits in the first quarter as it slashed bad debt provisions set aside during the Covid crisis.
Profit after tax almost trebled to £1.7 billion in the first three months of the year compared with the first quarter in 2020, Barclays said in a statement. Bad debt charges during the quarter have also fallen sharply at Barclays’ major UK rivals HSBC, Llloyds and NatWest. “While evidence of recovery is encouraging, we have continued to take a cautious view of the impact of the pandemic on the business,” said chief executive Jes Staley. — AFP
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