Barclays said Q1 profits at Barclays Capital and Barclays Global Investors were "well below" the strong profits of a year ago, but it said both businesses were profitable.
LONDON (Reuters) - Britain's third biggest bank, Barclays Plc <BARC.L>, said its profits in the first quarter fell from a year earlier after its investment bank and fund management arms were hit by tough financial market conditions.
Barclays said Q1 profits at Barclays Capital and Barclays Global Investors were "well below" the strong profits of a year ago, but it said both businesses were profitable.
In comments released before the bank's annual shareholder meeting on Thursday, Barclays Chief Executive John Varley said current market turbulence meant it was a time for banks to have strong capital ratios, and he is targeting a tier 1 equity ratio of 5.25 percent "in time," from 5.1 percent at the end of 2007.
(Reporting by Steve Slater; Editing by Quentin Bryar)
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