Barclays profits beat estimates

Barclays has reported a stronger-than-expected first-quarter pretax profit of £2.8 billion, demonstrating resilience despite significant headwinds.

The bank successfully navigated a £228 million loss stemming from the collapse of the specialist mortgage lender MFS. Chief Executive C.S. Venkatakrishnan noted that while the bank is pulling back from some risky lending, its core divisions remain profitable.

Reaffirming its commitment to shareholder returns, Barclays announced a new £500 million share buyback program and maintained its long-term financial targets for 2026 and beyond.