Barclays Profit Drops as It Braces for Soured Loans -- Update
29 Abril 2020 - 2:26AM
Noticias Dow Jones
By Simon Clark
LONDON -- Barclays PLC said its profit fell in the first quarter
as the U.K. bank set aside GBP2.1 billion ($2.6 billion) in
provisions for losses from loans affected by the coronavirus
pandemic.
Net profit dropped 42% to GBP605 million in the first quarter
from the same period last year, Barclays said. Provisions for bad
loans in the first quarter of last year totaled GBP448 million.
Banks across the world are increasing provisions to account for
the impact of the virus on companies and the economy. HSBC Holdings
PLC, Europe's biggest bank by assets, set aside $3 billion in the
first quarter. The largest U.S. banks have taken billions of
dollars in new credit provisions.
The virus is the latest challenge to banks in Europe, which have
been hobbled by low and negative interest rates that have made
lending particularly challenging.
"Given the uncertainty around the developing economic downturn
and low interest rate environment, 2020 is expected to be
challenging," Barclays Chief Executive Jes Staley said.
Write to Simon Clark at simon.clark@wsj.com
(END) Dow Jones Newswires
April 29, 2020 03:11 ET (07:11 GMT)
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