Barclays Q1 profits fall 9% as levy bill tipped to be £100m

Barclays has revealed pre-tax profits fell to £1.66bn in the first quarter of 2011, 9% lower than the £1.82bn it made in Q1 2010.

The group, which also declared a dividend of 1p for the first quarter, said total net income had fallen 8% to £7.4bn, driven by the "impaired economic evniornment" and a higher charge to its own credit. Adjusted profit before tax, excluding own credit and gains on acquisitions and disposals, rose 10% to £2bn. It also revealed it is expecting to have to shell out £100m to cover its bill for the upcoming bank levy, although this has not been included in the results. The bank said: "The impact of the UK bank levy, for which legislation has not yet been enacted, is not reflected in the...