Barclays Q1 profits fall 12%

(Sharecast News) - Barclays Bank reported a 12% fall in first-quarter profit on lower income as customers shopped around for better savings rates. Pre-tax profit for the first three months of the year fell to £2.2bn from £2.6bn a year earlier and slightly better than its own consensus forecast of £2.195. Group income fell 4% to £7bn, while net interest margin - the difference between what the bank charges for loans and savings - fell to 3.09% from 3.18%.

Reporting by Frank Prenesti for Sharecast.com