Barclays reported an 18% drop in net profits in the first quarter due to litigation and bad debt losses on Thursday.
There was a drop in profit after taxes in the first three months of 2021, Barclays said in its earnings report. It was £1.4 billion ($1.8 billion; 1.75 billion euros).
Barclays had to pay out a lot of money in the past because they sold more products to investors in the United States than they were supposed to.
It also lost £141 million in bad debt penalties as consumers struggled to repay loans in the face of rising prices.
In the earnings statement, C.S. Venkatakrishnan, the company’s chief executive, stated that “we remain focused on the impact that higher prices are having on our customers, small businesses, and corporate clients, all of whom are facing significantly more difficult conditions this year as a result of inflation, supply chain issues, and higher energy costs.”
He continued, “We will assist them in every way possible through this trying time, as well as the broader economy, just as we did during the COVID-19 epidemic.”
