LONDON — Barclays reported first-quarter profit in line with expectations on Tuesday, as a 200-million pound ($270 million) provision for a loss to a single company exposure was counterbalanced by a steady performance from its investment bank thanks to robust trading.
The British bank reported profit before tax for January-March of 2.8 billion pounds, slightly up from 2.7 billion pounds a year ago and in line with analysts' forecasts according to LSEG data.
Barclays also announced a fresh 500 million pound share buyback.
Income at the investment bank rose 4 percent from a year ago to 4 billion pounds, in line with analysts' forecasts for 3.9 billion pounds.
The British lender did not name the single firm that had triggered the 200 million pound charge at its investment bank.
Investors had been braced for such a charge, however, following the collapse in February of London-based MFS, a little-known lender that specialized in complex property-related loans.
The failure of MFS raised concerns about the checks that lenders including Barclays had made, as well as about the health of the broader private credit market.
Barclays is owed 495 million pounds from its exposure to MFS, a source familiar with the matter told Reuters at the time.
