Barclays reports a 42% fall in net profit on the year, takes a $2.6 billion credit impairment charge on coronavirus

Barclays on Wednesday reported a 42% fall in first-quarter net profit year-on-year and opted to take a £2.1 billion credit impairment charge, as it attempts to anticipate the fallout from the coronavirus pandemic.

The British bank posted net profit attributable to shareholders of £605 million for the first three months of the year, down from £1.04 billion for the same period last year. In the statement released Wednesday, the bank said its credit impairment charge "reflects our initial estimates of the impact of the COVID-19 pandemic."

The economic impact of the crisis follows a prolonged period of macroeconomic uncertainty surrounding Brexit and the global trade environment, which has weighed on Barclays' earnings in previous quarters.This is a breaking news story and will be updated shortly.

But the stock will go up by 40%

Can't say I'm at all surprised.

Sure buddy

Inspir8tion8 share price will rise again on the back of yesterdays 7% gain.

Super buy at the moment. If only net profit fell 100%.

What is a 'credit impairment charge'? It sounds like 'bovine effluvium' to me.

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