British lender Barclays said Thursday that first-quarter net profit slid 13 percent, hit by weaker mortgage lending, lower deposits, and lower income at its investment banking arm.

Profit after tax dropped to £1.6 billion ($2 billion) in the first three months of 2024, compared with £1.8 billion in the same period one year earlier, Barclays said in a results statement.

Pre-tax profit fell 12 percent to £2.3 billion, but this beat market expectations of £2.2 billion.

UK operations were hit by "subdued mortgage lending amid lower market demand", while customer deposits declined on increased competition in savings accounts in Britain, according to Barclays.

The investment bank division posted a seven-percent drop in income.