Barclays returns to profit in Q1

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LONDON (AP) — Barclays PLC has reported a return to profit in the first quarter, as it tries to restructure and get past recent scandals.

In the three months ending March 31, Barclays made an adjusted profit after tax of 839 million pounds ($1.3 billion). That contrasted with a 589 million pound loss a year earlier and came despite a 5 percent fall in income to 7.7 billion pounds.

Costs included 514 million pounds for "Project Transform," which aims to shed 3,700 jobs, curb investment banking and move on from scandals that included a $450 million fine for its involvement in the rigging of a key market interest rate.

Barclays' investment arm performed solidly, with profit rising 11 percent to 1.3 billion pounds.

Barclays shares rose 1.7 percent Wednesday to 3.03 pounds.

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