- Barclays adjusted first quarter profits fell by 25% to £1.8bn, largely due to its restructuring programme called Transform.

Excluding these costs of £514m and non-recurrence of a £235m gain in the first quarter of 2012 in relation to hedges of employee share awards, adjusted pre-tax profits would have increased by 6%.

Statutory profit before tax improved to £1,535m (Q1 12: £525m loss), reflecting a reduced own credit charge of £251m (Q1 12: £2,620m).

Adjusted return on average shareholders' equity decreased to 7.6% (Q1 12: 12.4%) reflecting the costs to achieve Transform. Statutory return on average shareholders' equity improved to 6.5% (Q1 12: negative 4.5%).

Adjusted income decreased 5% to £7,734m, principally due to non-recurrence of the gain in relation to hedges of employee share awards. Investment bank income was up 1% at £3,463m (Q1 12: £3,436m) and was up 34% on Q4 12.

Chief executive Antony Jenkins said: "We set out in our strategic review in February our path to become the 'Go-To' bank for all our stakeholders. While there remains much to do to build a stronger and more resilient Barclays, we are completely focused on executing our Transform programme and are making good early progress.

"Strategic cost management is a critical factor in delivering our commitments. We have recognised around £500m of 'costs to achieve Transform' in the first quarter, reflecting our immediate priorities to reduce our European retail branch network in order to focus on the mass-affluent segment and on re-positioning our equities and investment banking operations in Asia and Europe.

"As indicated in the Strategic Review, we expect to recognise a further £500m of costs to achieve Transform in 2013.

"For the first quarter, adjusted profit before tax was £1.8bn including the costs to achieve, driven by good momentum across the businesses, particularly in the investment bank, Barclaycard and wealth and investment management.

"In our goal to become the 'Go-To' bank we have not chosen an easy path for Barclays, but we have chosen the right one."

At 8:17am:

[LON:BARC] Barclays share price was -1.12p at 297.18p

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