Deutsche Bank's European Research kept a Buy on Barclays (LSE:BARC) with a 570p price target following its review of the first‑quarter results, which it judged broadly in line and said left management's guidance unchanged.
The note said impairment top‑ups were in line with expectations, income matched consensus driven by a +3% contribution from the investment bank while Barclays UK was in line, and that the performance was offset by about a 3% miss in UK corporate and a shortfall in the head office, with net interest income across the main business lines broadly in line.
Analyst Robert Noble highlighted a c.2% cost miss versus consensus driven by a £105m motor‑finance provision, leaving pre‑provision operating performance roughly a 1% miss versus consensus but a 2% beat when the motor charge is excluded.
Noble flagged that the benefit of higher interest rates has not yet worked through the reported numbers, management guidance or consensus estimates.
