Barclays plc (BCS, BARC.L) reported that on a statutory basis, its first-quarter pretax profit was 1.54 billion pounds, compared to a loss of 525 million pounds prior year. The results reflect a reduced own credit charge of 251 million pounds for the quarter, compared to 2.62 billion pounds prior year. Adjusted profit before tax was down 25% to 1.79 billion pounds. Excluding costs to achieve Transform of 514 million pounds and non-recurrence of a 235 million pounds gain in the first quarter of prior year in relation to hedges of employee share awards would have resulted in an increase in adjusted profit before tax of 6%, the Group said.
Statutory profit after tax was 1.04 billion pounds, compared to a loss of 385 million pounds prior year. Statutory basic earnings per share was 6.7 pence, compared to a loss of 4.9 pence per share prior year. Total income net of insurance claims was 7.48 billion pounds, an increase of 36 percent from prior year, on statutory basis.
On an adjusted basis, profit after tax decreased to 1.22 billion pounds from 1.82 billion pounds prior year. Adjusted basic profit per share was 8.1 pence, compared to 13.2 pence prior year. Total income net of insurance claims was 7.73 billion pounds, down 5 percent from prior year, on an adjusted basis.
Barclays said the Group will pay a first interim cash dividend for 2013 of 1.0 pence per share on 7 June 2013.
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