Barclays BCS reported first-quarter 2021 net income attributable to ordinary equity holders of £1.70 billion ($2.34 billion), up significantly from the prior-year quarter.Shares of the company lost 7.1% in pre-market trading. However, the full day’s trading session will likely depict a better picture.Results reflect a rise in revenues along with higher operating expenses. A significant decline in credit impairment charges was a major tailwind for the company.Revenues Increase, Expenses RiseNet operating income was £5.85 billion ($8.06 billion), up 40.2% year over year. The increase was mainly driven by a fall in credit impairment charges.Operating expenses (excluding litigation and conduct costs) totaled £3.55 billion ($4.89 billion), up 9% year over year.Cost to income ratio was 61%, up from 52% recorded a year ago.Credit impairment charges decreased 97.4% year over year to £55 million ($75.8 million).Pre-tax income was £2.40 billion ($3.31 billion), up significantly year over year.Segment Performance SolidBarclays UK: Profit before tax was £460 million ($634.1 million), up significantly from the year-ago quarter. The segment witnessed a rise in net operating income, higher expenses and lower credit impairment charges.Barclays International: Profit before tax was £1.97 billion ($2.72 billion), up significantly year over year. The rise was driven by strong performances of both corporate and investment bank, and the consumer, cards and payments divisions.Head Office: Loss before tax was £32 million ($44.1 million), narrower than the loss incurred in the prior-year quarter.Balance Sheet & Capital Ratios StrongTotal assets as of Mar 31, 2021, were £1,379.7 billion ($1,899.2 billion), up 2.2% sequentially.Total risk-weighted assets increased 2.4% from the prior quarter to £313.4 billion ($431.4 billion) as of Mar 31, 2021.As of Mar 31, 2021, Common Equity Tier 1 ratio was 14.6%, down from 15.1% on Dec 31, 2020.GuidanceBarclays expects to deliver meaningful return on tangible equity improvement in 2021 on a year-over-year basis.Management projects 2021 impairment charges to be materially lower than that in 2020.Expenses in 2021 will likely be above that in 2020.Our ViewGiven Barclays’ restructuring and business-simplification efforts, its operating efficiency is expected to improve in the quarters ahead. However, given the tough operating backdrop, revenue growth might get hampered in the near term.Barclays PLC Price, Consensus and EPS Surprise Barclays PLC price-consensus-eps-surprise-chart | Barclays PLC QuoteCurrently, Barclays carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Performance of Other Foreign BanksUBS Group AG UBS reported first-quarter 2021 net profit attributable to shareholders of $1.82 billion, up 14% from $1.60 million in the prior-year quarter.HSBC Holdings HSBC reported first-quarter 2021 pre-tax profit of $5.8 billion, up 79% from the prior-year quarter.ICICI Bank’s IBN fourth-quarter fiscal 2021 (ended Mar 31) net income was INR44.03 billion ($602 million), up substantially from INR12.21 billion ($167 million) in the prior-year quarter.5 Stocks Set to DoubleEach was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report UBS Group AG (UBS): Free Stock Analysis Report ICICI Bank Limited (IBN): Free Stock Analysis Report Barclays PLC (BCS): Free Stock Analysis Report HSBC Holdings plc (HSBC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research