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Barclays struggles to convince for the long term

Profits up, share price down. On the face of it, the initial market reaction to Barclays’ (BARC) first quarter numbers, didn’t tally with positive earnings momentum, especially given the brightening economic outlook.

Much of the earnings beat, net income for the period was £1.7bn versus £1.2bn forecast, was down to the release of provisions for bad loans. Going forward, however, the £8.8bn group impairment allowance is material.

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