Portfolio

Barclays takes ?3.7bn in Covid-19 charges as profits plunge

By Frank Prenesti

Date: Wednesday 29 Jul 2020

(Sharecast News) - Barclays Bank took a £3.7bn hit in coronavirus-related charges as interim profits more than halved and it warned of headwinds continuing into 2021.

Pre-tax profits fell to £1.2bn from £3bn a year earlier, with net operating income down 20% to £7.8bn.

The bank on Friday said that second-half impairment charges were expected to remain above the level experienced in recent years, but below the interims "assuming no change in macroeconomic forecasts". It added that a decision on any dividend payments would be made at full year results.

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