Barclays profits plunge 66% for the first half of 2020 as it sets aside $4.7 billion to brace for pandemic pain

Reuters

• Barclays reported a 66% plunge in profits for the first six months of the year, hurt by declining business in its UK group.
• Profits attributable to shareholders dropped to $899 million in the first half, down from $2.6 billion last year.
• The British bank set aside £3.7 billion ($4.7 billion) in anticipation of bad loans related to the crisis period, with a £1.6 billion ($2 billion) charge in the second quarter alone.
• However, Barclays trading division performed relatively better as it posted a 60% jump in trading revenues in foreign-exchange, rates, and credit trading.
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Barclays on Wednesday posted a 66% drop in profits for the first half of the year as the pandemic disrupted services to the bank's UK customers.

Profits attributable to shareholders dropped to £695 million ($899 million) for the first six months of the year, down from £2 billion ($2.6 billion) a year ago. 

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