2023-04-27 09:35:37 ET
Barclays ( NYSE: BCS ) stock gained 6% on Thursday after the British lender reported strong Q1 results , driven by higher interest rates, stronger dollar against sterling, and double-digit returns from all operating divisions. It also maintained its 2023 guidance.
The bank's profit before tax increased 16.3% to ~£2.60B, with EPS of 11.3p vs. 8.4p in Q1 2022. Group attributable profit was £1.78B, up 27% Y/Y.
Total deposits increased 1.8% from Q4 to £555.7B. Customer deposits shrank 1.4% Q/Q to £254.3B, driven by expected seasonal effects and forex.
Total assets grew to £1.54T, compared with £1.51T at the end of 2022, driven by increased trading and client activity within global markets and the Kensington Mortgage acquisition.
"BARC posted robust Q1 results characterized by revenue strength in all segments," said Jefferies (Buy rating). "We see some scope for consensus upgrades given U.K. and Cards were better, not to mention follow through from Q1 strength in FICC."
More on Barclays
Barclays Q1: 15% ROE, 50% Discount To Book, 20% Earnings Yield - Back Up The Truck
HSBC Vs. Barclays: Which Is The Better Bank To Own In 2023?
For further details see:
Barclays stock gains 6% after stellar Q1 earnings