Barclays (BARC.L) has reported lower profits for the start of the year, as mortgage lending and deposits dipped and its investment bank underperformed. Profit after tax dropped to £1.6bn in the first three months of 2024, compared with £1.8bn in the same period one year earlier, Barclays said in a results statement. Pre-tax profits were down 12% to £2.28bn in the first three months of the year from £2.6bn a year earlier. Despite the drop, this is still slightly better than its own consensus forecast of £2.195bn. Group income fell 4% to £7bn, while net interest margin – the difference between what the bank charges for loans and savings – fell to 3.09% from 3.18%. Meanwhile, its net interest margin (NIM), excluding the investment bank and head office, fell to 4.12% in the first quarter from 4.16% in the same period last year. Read more: FTSE 100: Lloyds sees profits drop by 28% UK operations were hit by "subdued mortgage lending amid lower market demand", while customer deposits declined on increased competition in savings accounts in the UK, according to Barclays. It saw customer deposits dip by 2% driven by lower customer account balances, which the bank said reflected broader...