Profit after tax rose to £1.8 billion (US$2.2 billion) compared with the first three months of 2022, Barclays said in a results statement.

Barclays was “supported by higher interest rates and the continued investment in our transformation into a next-generation, digitised consumer bank”, it said.

The Bank of England and its global counterparts have ramped up interest rates to tackle sky-high inflation.

Britain is enduring a cost-of-living crisis, with annual inflation holding stubbornly above 10%.

Retail banks in turn have raised their own interest rates on loans, including mortgages, further fuelling the squeeze on living costs.

Barclays’ first-quarter revenue rallied 11% to £7.2 billion (US$8.9 billion).

“This is a strong first quarter,” chief executive C S Venkatakrishnan said in the earnings release.

“The momentum across the group allows us to maintain a robust capital position, deliver attractive returns to shareholders, and support our customers and clients through an uncertain economic environment.”

Barclays said its diversified income streams “continue to position the group well for the current economic and market environment”.