Why Shares of Barclays Slipped Today
Shares of the British bank Barclays (NYSE: BCS) traded more than 10% lower in the final hour of trading today after the bank reported earnings results from the first quarter of this year.
Barclays, which is one of the largest banks in the U.K. with the equivalent of $1.91 trillion in total assets, reported a profit equivalent to $2.37 billion on total revenue of $8.15 billion. Total revenue declined year over year, but total profits jumped significantly. The results surpassed analysts' expectation for profits.
Credit impairment charges for potential loan losses also decreased significantly year over year from the equivalent of $2.9 billion in the first quarter of 2020 to $76 million at the end of the first quarter of this year.
Source Fool.com
