Shares in High Street banking giant Barclays have fallen 6.4% despite a big rise in pre-tax profits for the first three months of 2010. Barclays' profit for the first quarter was £1.82bn, up 47% on a year earlier, with most of it coming from investment banking arm Barclays Capital. However, analysts said that the amount of money made by that division was less than expected. Barclays was the biggest faller on the FTSE 100 index, down 23p to 338.25p. The bank's strengthened investment banking division reported profit before tax of £1.47bn during the first three months of the year, up 47% on the same period a year ago. It is not a bad quarter, it's just not the blow-out numbers shown by some of the other banks, said Colin Morton, fund manager at Rensburg Fund Management. It has gone into the numbers with very high expectations, and BarCap has come in a bit light in terms of income, he said.
2nd May 2010, www.bbc.co.uk
The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
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