BCS Barclays PLC

By Elena Vardon

Barclays PLC on Thursday backed its guidance for 2023 as it reported first-quarter results ahead of expectations driven by income growth and double-digit returns.

The U.K. bank posted a pretax profit for the three months ended March 31 of 2.60 billion pounds ($3.24 billion) compared with GBP2.234 billion a year earlier. Pretax profit was expected to reach GBP2.231 billion by a company-compiled consensus.

The FTSE 100-listed lender's net attributable profit rose to GBP1.78 billion from GBP1.40 billion for the year-earlier period. Analysts polled by consensus expected it to close the quarter with a net profit of GBP1.45 billion.

Total income increased to GBP7.24 billion from GBP6.50 billion, beating consensus' estimated GBP6.79 billion, boosted by higher net interest income at Barclays UK, growth in U.S. cards balances and in client assets and liabilities in the Private Bank.

The bank closed the quarter with a common equity Tier 1 ratio--a key measure of balance-sheet strength--of 13.6%, against consensus' 13.5% and 13.9% at the end of the fourth quarter.

Barclays said it remains on track to deliver its 2023 targets outlined in February.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

April 27, 2023 02:37 ET (06:37 GMT)

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