Australians are saving more, paying off their mortgages and getting debt-free. Picture: Thinkstock Source: Supplied
BRITISH bank Barclays, seeking to recover from last year's damaging Libor rate-rigging scandal, has announed that it bounced back into net profits in the first quarter of 2013.
Earnings after taxation stood at STG839 million ($1.25 billion) in the three months to March 31, Barclays said in a results statement. That contrasted with a net loss of STG598 million in the same part of 2012.
"While there remains much to do to build a stronger and more resilient Barclays, we are completely focused on executing our Transform program and are making good early progress," chief executive Antony Jenkins said.
The bank's profit was skewed by changes in the value of its debt and owing to an absence of the provisions seen a year earlier to compensate clients who were mis-sold insurance.
Adjusted profit before tax fell by a quarter to STG1.79 billion, dented partly by restructuring costs that totalled STG514 million as part of Jenkins' so-called Transform program, the bank said. Bad debt provisions sank 10 per cent to STG706 million in the first quarter.
"We have recognised around STG500 million of costs to achieve Transform in the first quarter, reflecting our immediate priorities to reduce our European retail branch network in order to focus on the mass-affluent segment and on re-positioning our equities and investment banking operations in Asia and Europe," Mr Jenkins said.
He said that Barclays expected to recognise a further STG500 million of costs related to the Transform plan this year.
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