BARCLAYS PROFITS PLUNGE AS IT PUTS ASIDE £1.6BN FOR COVID-19 DEFAULTS

Bank’s second-quarter loan loss provision takes total credit impairment charges to £3.7bn

Barclays’ pre-tax profits plunged 75% in the second quarter after the bank put aside another £1.6bn to cover bad debts in preparation for a wave of defaults caused by the coronavirus crisis. The second-quarter loan loss provision was more than the £1.4bn analysts had expected and brings total credit impairment charges to £3.7bn for the six months to June. Read more HERE