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Barclays announces 26 pct drop of statutory pre-tax profit in Q1

Xinhua, April 29, 2015 Adjust font size:

Barclays PLC, one of the main high street banks in Britain, Wednesday announced that its statutory profit before tax was down by 26 percent to 1.81 billion pounds (or 2.8 billion U.S. dollars) in the first quarter of 2015.

As well, the group has put aside another 800 million pounds to resolve legal issues, primarily relating to foreign exchange, Barclays said in a statement.

Adjusted profit before tax of the group, however, increased by 9 percent to 1.85 billion pounds and its core business jumped by 14 percent to 2.10 billion pounds, said Barclays.

Total adjusted operating expenses decreased by 7 percent to 4.12 billion pounds, driven by a 49-percent reduction in non-core business operating expenses, said the bank.

The group's Common Equity Tier 1 ratio (CET 1), a gauge of financial stamina, strengthened to 10.6 percent at the end of March 2015 from the 10.3 percent a quarter earlier.

Antony Jenkins, group chief executive of Barclays, said the 14 percent growth of core business pre-tax profit represents their best quarterly performance in several years, demonstrating the business is starting to realize its potential. Enditem