Barclays Bank profits fell by 10% to reach their value before tax to 1.5 billion pounds ($ 1.93 billion) during the first quarter of this year compared to 1.7 billion pounds Sterling for the same period in 2018.
According to CNBC, the net profit for the first quarter of this year amounted to about 1.03 billion pounds, exceeding expectations at 918.7 million pounds, while the bank's basic capital ratio fell to 13%, after it was 13.2% at the end of the previous quarter.
Investment unit revenue also fell to 9.5% in the first quarter, down from 13.2% in the same period last year.
The US hedge fund, Tiger Global Management, was one of the bank's ten largest investors, disposing of its 2.5% stake in Barclays in February.
Barclays said in a statement today, Thursday, that if the difficult market conditions persist during the coming months, he may be forced to reduce the annual costs in 2019 to less than 13.6 billion pounds. Sterling, after previous forecasts of 13.9 billion pounds.
It is mentioned that the bank has faced increasing pressure from its shareholders in recent months, as CEO Jess Staley showed his eagerness to prove that his plan to convert into an investment bank is proceeding properly in The time is weak in the economic growth outlook for the United Kingdom and the euro area.
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