British banking group Barclays has reported an attributable profit of £433m for the first quarter of 2016, down 6.9% compared to £465m a year ago.
The group, which is undergoing a major restructuring to refocus on the US and UK markets, posted pre-tax profit of £793m, a drop of 24.9% from £1.05bn in the year ago quarter.
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Net operating income fell 12.6% to £4.59bn from £5.26bn during the first quarter in 2015. Total operating expenses dropped 6.8% year-on-year to £3.82bn from £4.10bn.
Barclays UK – the division which includes the bank’s personal banking, card and wealth management businesses in UK – posted an attributable profit of £467m, a decrease of 29.6% from £664m a year-ago.
The unit’s pre-tax profit dipped 16.6% to £704m from £844m a year ago, while total income dropped 1.5% year-on-year to £1.80bn.
Total operating expenses at the division increased 16.6% to £953m from £817m in the first quarter of 2015.
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By GlobalDataBarclays Corporate & International division registered an attributable profit of £575m, compared to an attributable loss of £16m in the prior-year quarter. The unit includes the bank’s corporate and investment bank, and consumer, cards and payments.
The unit’s pre-tax profit increased 101.3% to £1.02bn from £510m a year ago, while total income rose to 1.7% to £3.51bn from £3.45bn a year ago.
Total operating expenses decreased 19.9% to £2.22bn from £2.78bn in the prior year.
Barclays CEO Jes Staley said: "This quarter we have made good early progress against the strategy update we announced on the 1st of March. It is the first set of results as a transatlantic consumer, corporate and investment bank operating under our new configuration of Barclays UK and Barclays Corporate & International, and they show a Core business performing well in a challenging environment."
