Barclays reports 2.4 billion dollars pretax profit

April 26, 2018 – By Max Morgan

Barclays reports 2.4 billion dollars pretax profit

While numerous companies continue to share their reports on the first financial quarter, it becomes more obvious that improved income is reaching its highest potential.

Barclays has shared their better than expected numbers on Thursday. Its pretax profit is equal to the 2.4 billion American dollars or 1.7 billion pounds.

Meanwhile, investment bank still has to pay legal costs and fines, which led to the loss. Bank has received 1.4 billion pounds from an arrangement between them and American Department of Justice over its sale of mortgage-backed securities during 2007 crisis in finances. Another 400 million pounds cover the claim against the payments insurance goods mis-seling in the UK.

According to the national and international analytic companies, their real profit is much better than it was predicted earlier. Analysts believed there will be 1.63 billion pounds increase at the first quarter report.

The UK based bank Barclays has officially announced that it has equity tier one ratio, the measure of its financial power and sustainability, is equal to the 12.7 percent. This number is 13.3 percent down from this year’s February number, partly explained by the hit from American fine to its inner reserves.

International division of this bank, which has Barclay’s under fire investment department, has showed the profit before the legal taxation costs will be excluded. It means 1.4 billion pounds.

Meanwhile, analysts predicted only 1.1 billion pounds in average.

Global experts are very concern on the rise of better than expected reports from companies and banks at the market.