Barclays profit drops after debt-sale flub

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LONDON— Barclays PLC BCS,
-0.41%
said its net profit declined in the first quarter, driven by a hit from a debt-sale flub and lower levels of deal making.

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The London-based lender on Thursday said it earned £1.4 billion, equivalent to $1.8 billion, in the three months to the end of March, down from £1.7 billion in the same period last year. Analysts expected the bank to report a £1.55 billion profit for the quarter, according to FactSet. The bank’s compiled forecasts projected £1.32 billion. Revenue increased 10% to £6.5 billion.

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The bank’s shares BARC,
+1.59%
rose 1.2%. Barclays has been trading close to a one-year low and has fallen 23% this year. That compares to a 1.4% rise in the UK’s benchmark FTSE 100 UKX,
+0.85%
stock index in 2022.

Chief Executive CS Venkatakrishnan ran into a sticky situation early in his tenure after Barclays last month said it was facing a £450 million loss and a regulatory investigation. Its US division, in what amounted to a clerical error, accidentally sold more structured notes than was allowed by the Securities and Exchange Commission. It said it expects to buy the notes back at a loss. Mr. Venkatakrishnan was previously the bank’s chief risk officer.

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An expanded version of this story is available at WSJ.com

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Credit: www.marketwatch.com /

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