Barclays has posted a
first quarter net profit of £1.24bn ($2.04bn) for the three
months to 31 March, down 5% from the corresponding period a year
ago.

But profits before tax
at Barclays’ Retail and Business Banking division increased by 21%
year-on-year to £692m.

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UK retail profit before
tax also rose by 21%, to £288m (2010: £238m) but Barclays’ retail
unit in Europe fell to a first quarter loss of £59m, compared with
a profit of £17m in the year-ago quarter.

Profit before tax at
Barclays’ ABSA unit in South Africa decreased 19% to
£135m.

Other highlights
included a groupwide 39% fall in impairments for the quarter to
£921m from £1.51bn.

Card unit Barclaycard
posted a strong quarter with profit before tax up by 151% to
£296m.

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Barclays ended the first
quarter Core Tier 1 ratio of 11.0% (2010: 10.8%); total assets
inched up since the year end by £2bn to £1.49trn.