Strong performance at Barclays' investment bank and a slump in money put aside for bad loans bolstered first quarter profits at the UK lender, but its retail unit is still facing challenges from the Covid-19 crisis.

The bank's bottom line profits almost tripled to £1.7bn as a strong investment bank performance and a drastic decline in bad loans helped boost the numbers. Revenues were down 6% to £5.9bn, which were still ahead of analyst expectations.