Barclays profit falls sharply as coronavirus hurts borrowers

Barclays profit falls sharply as coronavirus hurts borrowers
British banking giant Barclays was hit by the economic shock sparked by the deadly novel coronavirus. (Reuters)
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Updated 29 April 2020
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Barclays profit falls sharply as coronavirus hurts borrowers

Barclays profit falls sharply as coronavirus hurts borrowers
  • Bank takes a $2.62-billion impairment charge on the overall impact of COVID-19

LONDON: British banking giant Barclays said Wednesday that net profit tumbled 42 percent in the first quarter, hit by the economic shock sparked by the deadly novel coronavirus.
Earnings after taxation slumped to $754 million in the three months to the end of March from a year earlier, Barclays said in a results statement, adding that it has taken a $2.62-billion impairment charge on the overall impact of COVID-19.