The Share Centre list Barclays as a ‘buy' for growth seekers

This morning, Barclays announced a 47% increase in profits for Q1. Nick Raynor, investment adviser at The Share Centre, comments on the bank's strong start to 2010 and what this means to investors.

"Early morning trading saw investors selling Barclays shares, despite our recent upgrade from a ‘hold' to a ‘buy'. The bank's share price fell by 4.55% to 344.80p with investors selling in order to make a profit from the strong results. This is a trend we also saw from Lloyds earlier this week.

"Barclays Capital investment banking arm disappointed analysts. Although profits were up 62% at £1.5bn, this is only marginally better than Q4 2009 and far less than expected.

"We are still happy with Barclays as our pick of the UK banks. Britain's second largest bank has been our favourite since it refused to be bailed out by the government, instead opting to take matters into its own hands.  A further positive sign is the news they have little exposure to the troubled Greek economy, only £200m.

"Barclays is also in a stronger position to others in the sector because of its international exposure. The likes of Lloyds and RBS will also be more susceptible to the affects of a hung parliament.

"Investors looking for income will be attracted by Barclays' ability to reward its shareholders; something part taxpayer owned banks are unable to do. Encouragingly, the bank is continuing to offer a dividend in to 2010."