Barclays outperformed many of its US and European peers in investment banking during the first quarter, with fixed income, currencies and commodities powering revenues at the unit formerly known as Barclays Capital to their highest level in two years.

FICC revenues climbed 9% from the first-quarter last year to £2.4bn in the same period this year and helped to offset a 17% drop in advisory and underwriting revenues, which totalled £509m. The drop was driven by "weaker" equity underwriting, the bank said.