Barclays’ quarterly profit falls

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27 April 2011 Last updated at 02:37 ET

UK bank Barclays has reported a 9% fall in pre-tax profits for the first three months of the year to £1.66bn.

The news comes as the bank prepares to face its shareholders at its annual general meeting.

Two groups representing investors have raised concerns about the bank’s bonus plans, which are due to be voted on at the gathering later on Wednesday.

The bank’s chief executive, Bob Diamond, is in line for basic pay of £1.35m, plus a bonus for 2010 of £6.5m.

There are other incentive payments in the package, including a future conditional share award of £6.75m and £13.8m of shares that he is owed as part of previous long-term performance plans.

The fall in profits was largely due to a decline in profits from corporate and investment banking, which were down by 29% at £983m.

However, profits from its retail and business banking operations jumped by 21% to £692m, helped by a 39% fall in charges relating to bad debts..

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Barclays’ quarterly profit falls