Barclays profits tumble 12% as UK interest rates hit mortgage demand
by Kalyeena Makortoff Banking correspondent from World news | The Guardian on (#6MB3K)
Pre-tax profits drop to 2.3bn between January and March, down from 2.6bn last year
Business live - latest updates
Profits at Barclays tumbled 12% in the first quarter, as higher UK interest rates weighed on demand for mortgages and loans and its investment bank was hit by a backdrop of economic uncertainty.
The UK bank said pre-tax profits fell to 2.3bn in the first quarter, down from 2.6bn last year, when it reported the strongest quarterly profit since 2011 after a string of interest rate hikes by the Bank of England.
Continue reading...