Mubasher: Barclays said on Thursday that its profit declined 10% year-on-year in the first quarter of 2019 against the backdrop of challenging market conditions and Brexit uncertainties.

The UK lender generated GBP 1.54 billion ($1.99 billion) in pre-tax profit in Q1-19, down from GBP 1.72 billion in Q1-18.

Net profit for the period between January and March came in at GBP 1.03 billion, compared with a loss of GBP 764 million a year ago.

Moreover, Barclays’ total income declined 2% on year to GBP 5.25 billion in the first quarter, versus GBP 5.35 billion.

The bank said that if the challenging market environment persists during the next months, it will be prompted to slash its annual costs this year below a range from GBP 13.6 billion to GBP 13.9 billion previously projected.