Barclays has reported lower profits for the start of the year, as mortgage lending and deposits dipped and its investment bank was squeezed amid prevailing economic uncertainty.
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00:00 Hello, my name is Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post.
00:05 Here are your business headlines this morning.
00:08 Barclays has reported lower profits for the start of the year, as mortgage lending and
00:13 deposits dipped and its investment bank was squeezed.
00:17 The high street banking giant reported a group pre-tax profit of £2.3 billion the first
00:23 three months of the year, down 12% from the £2.6 billion reported this time last year.
00:29 However, the latest quarterly earnings figures came in above analysts' expectations of
00:36 £2.2 billion.
00:39 Barclays also revealed that income from its investment bank fell by 7% year on year, as
00:44 a strong performance in the equities division was more than offset by lower activity in
00:49 areas such as fixed income trading.
00:51 It's an update from Barclays which has reported lower profits for the start of the year.
00:57 My name's Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post.