High Street banking giant Barclays has reported a big rise in pre-tax profits for the first three months of 2010.

Profit for the first three months to 31 March was £1.82bn, up 47% on a year earlier, boosted by reducing bad debts.

Underlying profit, which excludes gains on acquisition and disposals, climbed 90%.

The bank continued to benefit from its strengthened investment banking unit, in which profit before tax grew 47% to £1.47bn.

Another big contribution to the profit rise came from retail banking, up 20% to £238m, but this included a gain of £71m on the acquisition of Standard Life Bank.