Barclays Earnings Cheat Sheet: Pre-Tax Profits Dropped

U.K. banking group Barclays PLC (NYSE:BCS) said Wednesday that its first-quarter net profit fell 5.2% to 1.01 billion pounds.

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Barclays Earnings Cheat Sheet for the First Quarter

Results: The group said total income net of insurance claims dropped 8% to 7.4 billion pounds, while impairments and other credit provisions shrank to 921 million pounds from 1.51 billion pounds a year earlier.

Revenue: As a drop in revenue from fixed-income sales and trading was partially offset by lower impairment charges.

Actual vs. Wall St. Expectations: Pretax profit dropped 9% to 1.66 billion pounds and was below the 1.8 billion pound consensus forecast of analysts polled by Thomson Reuters.

Key Stats:
Trading so far in April has been in line with the first quarter and Barclays said it is “content with the current market consensus for 2011.”

Pretax profit at the group’s Barclays Capital investment-banking unit dropped 29% to 983 million pounds due to the fall in fixed-income revenue as well as charges linked to the changing value of the bank’s own debt.

Competitors to Watch: Bank of America Corporation (NYSE:BAC), Citigroup, Inc. (NYSE:C), U.S. Bancorp (NYSE:USB), PNC Financial (NYSE:PNC), SunTrust (NYSE:STI), Keycorp (NYSE:KEY), Goldman Sachs (NYSE:GS), Wells Fargo (NYSE:WFC), Regions Financial (NYSE:RF), Comerica (NYSE:CMA) and JPMorgan Chase & Co. (NYSE:JPM).

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Performance: Shares of BCS are down from near $20 to $19 since earnings released on Wednesday.

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