Q1 2022 Barclays PLC Earnings Call Transcript
Welcome to the Barclays Q1 '22 Analyst and Investor Conference Call. I will now hand you over to CF Venkatakrishnan, Group Chief Executive; and Anna Cross, Group Finance Director.
Good morning. I am pleased to report a strong first quarter for 2022 for Barclays. Our strategy is delivering and we saw income growth in all 3 of our main operating businesses.
Group income was up 10% to GBP 6.5 billion for this quarter. Profit before tax was GBP 2.2 billion, and group return on tangible equity was 11.5%. This comes after absorbing an increase in costs, and that increase was driven in particular by the remediation of the legacy portfolio as well as an over issuance of securities in the U.S., something which I will talk about in a moment.
Our group income has benefited from broadly improved performance in our consumer businesses, Barclays U.K. and Consumer, Cards and Payments assisted by rising rates. Global Markets has also performed well as we helped clients navigate
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