Business

COVID-19: British bank Barclays first-half profit sinks 66%

British bank Barclays said on Wednesday that its first-half net profits sank by two thirds, as it set aside £3.7 billion ($4.7 billion, 4.0 billion euros) to deal with coronavirus fallout.

Profit after taxation dived to £695 million in the six months to the end of June, compared with £2.07 billion in the same portion of 2019, Barclays said in a results statement.

And net profit tanked 91 percent to just £90 million in the second quarter, when it took a £1.6-billion hit from pandemic turmoil.

Barclays had already announced in April a £2.1-billion charge on the impact of coronavirus for the first quarter.

“The COVID-19 pandemic has caused disruption to the Barclays Bank UK Group’s customers, suppliers and staff,” it said in Wednesday’s statement.

“In the UK severe restrictions on the movement of people have been implemented by the UK, Scottish and Welsh governments, with a resultant significant impact on economic activity.

“It remains unclear how this will evolve through 2020 – including whether there will be subsequent waves of the COVID-19 pandemic and whether and in what manner previously lifted restrictions will be re-imposed – and the Barclays Bank UK Group continues to monitor the situation closely.”

(AFP)

Source: punchng.com