What happened Shares of the British bank Barclays (NYSE: BCS) traded more than 10% lower in the final hour of trading today after the bank reported earnings results from the first quarter of this year. So what Barclays, which is one of the largest banks in the U.K. with the equivalent of $1.91 trillion in total assets, reported a profit equivalent to $2.37 billion on total revenue of $8.15 billion. Total revenue declined year over year, but total profits jumped significantly. The results surpassed analysts' expectation for profits. Credit impairment charges for potential loan losses also decreased significantly year over year from the equivalent of $2.9 billion in the first quarter of 2020 to $76 million at the end of the first quarter of this year. Image source: Getty Images. "In the quarter we actually saw a decrease in defaults, as government support schemes, particularly in consumer, were extended, and we had no material single name wholesale loan charge," Tushar Morzaria, Barclays group finance director, said on the company's earnings call. Now what Despite the more positive quarter, revenue in Barclay's corporate and investment banking division declined on a year-over-year basis during a time when a lot of investment banks are reporting extremely strong results. Additionally, costs increased 10% in the quarter from the first quarter of 2020, and the bank is guiding for costs on a full-year basis to be higher than 2020, so these issues together appear to be spooking investors. 10 stocks we like better than Barclays PLCWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Barclays PLC wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 Bram Berkowitz has no position in any of the stocks mentioned. The Motley Fool recommends Barclays. The Motley Fool has a disclosure policy.Source