Barclays on Wednesday reported a 42% fall in first-quarter net profit year-on-year and opted to take a £2.
Barclays on Wednesday reported a 42% fall in first-quarter net profit year-on-year and opted to take a £2.1 billion credit impairment charge, as it attempts to anticipate the fallout from the coronavirus pandemic.
The British bank posted net profit attributable to shareholders of £605 million for the first three months of the year, down from £1.04 billion for the same period last year. In the statement released Wednesday, the bank said its credit impairment charge "reflects our initial estimates of the impact of the COVID-19 pandemic."
The economic impact of the crisis follows a prolonged period of macroeconomic uncertainty surrounding Brexit and the global trade environment, which has weighed on Barclays' earnings in previous quarters.This is a breaking news story and will be updated shortly.
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