Barclays' first-quarter earnings beat forecasts as coronavirus volatility push its markets division's earnings up 77%

BRENDAN SMIALOWSKI/AFP via Getty Images

• Barclays posted first-quarter earnings that beat Wall Street forecasts.
• The banking giant's markets income surged 77% to a quarterly record of £2.4 billion ($3 billion) as fixed income, currencies, and commodities income more than doubled.
• However, Barclays took a £2.1 billion ($2.6 billion) impairment charge to reflect the impact of the pandemic.
• "Given the uncertainty around the developing economic downturn and low interest rate environment, 2020 is expected to be challenging," CEO Jes Staley said in the earnings release.
• Visit Business Insider's homepage for more stories.

  ---

Barclays posted first-quarter earnings that beat the expectations of analysts polled by Bloomberg, as a record quarter for its markets segment helped to temper the impact of the coronavirus outbreak.

The British bank stomached a £2.1 billion ($2.6 billion) impairment charge to reflect the fallout from the pandemic, driving its net income down 13% to £4.2 billion ($5.2 billion). Return on average tangible shareholders' equity also slid from 9.6% to 5.1%, well below the bank's target of 10% over time.

See the rest of the story at Business Insider

NOW WATCH: Why electric planes haven't taken off yet

See Also:

• US durable goods orders slump the most since 2014, weighed down by the coronavirus pandemic and canceled Boeing orders
• The SEC took action against 23 companies for making false claims about COVID-19
• Morgan Stanley explains why the end of wild swings in the stock market is near — and shares the perfect trade to profit from the calm ahead

from Feedburner https://ift.tt/3f0IxmP