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Bond Market News

Barclays’ Profits Boosted by Significantly Lower Impairment

Barclays reported a record quarterly group profit before tax in 1Q2021 of £2.4bn ($2.8bn) vs. £900mn ($1.2bn) in the same period last year. Profits were benefitted by a significant decrease in credit impairment charges of just £55mn ($76mn) vs. £2.1bn ($2.9bn)n in the prior year. The British lender’s equities business was up 65%, their best ever quarter offsetting the fall in FICC and investment banking. The Group’s CET1 ratio stood at 14.6%, 50bp lower than FY2020 as profits before tax were more than offset by reversal of certain regulatory forbearance measures applied through 2020, the impact of share buybacks totaling £700mn ($967mn), a dividend accrual, and an increase in Risk Weighted Assets (RWAs).

Barclays’ dollar bonds were stable – its 6.125% Perp was at 110.62, yielding 3.61%.

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