Barclays reported its first quarter profit rose a better than expected 19% on Wednesday, as frenzied trading activity in the first three months of the year boosted investment banking revenue and dealmaking fees.

The British bank reported profit before tax for January-March of 2.7 billion pounds ($3.62 billion), up from 2.3 billion pounds a year ago and above analysts' forecasts for 2.5 billion pounds according to LSEG data.

Income at the lender's investment bank rose 16% from a year ago to 3.9 billion pounds in the first quarter, above analysts' forecasts for 3.5 billion pounds.

That was driven by 21% increase in fixed income trading revenue for the period, as well as a 9% increase in equities and 4% gain in investment banking fees from advising on mergers and corporate fundraising.

Barclays reiterated its performance goals for the year, despite an uncertain outlook for global economic growth since U.S. President Donald Trump unleashed plans for sweeping tariffs on April 2.

The British bank even lifted its guidance for 2025 income to above 12.5 billion pounds from a previous forecast of 12.2 billion, spurred by expected growth at its domestic lending division, where it has been competing strongly for mortgage and consumer lending business.

The lender in February had already raised its 2025 performance targets, after reporting better than expected annual profit for 2024, but will now have to deliver on those targets in a more volatile environment clouded by a trade war between the U.S. and other economies, including China.

Barclays last year laid out a three-year plan to cut costs, return more cash to shareholders and invest in its higher-returning domestic business.