7/29/2020, 8:08 AM (Source: TeleTrader)
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Barclays posts 66% fall in H1 profit to £695M

Total income rose 8% in the first half of the year on an annual basis to £11.62 billion, Barclays Plc revealed on Wednesday. The British bank reported a 66% loss in attributable profit to £695 million. Earnings per share came in at 4 pence. They declined 67% from the comparable period of last year.

In the second quarter Barclays' total income decreased 4% year-on-year to £5.3 billion, with total costs down 6% to £3.3bn. Following its £1.6 billion quarterly credit impairment charge, profit before tax was £359 million, and EPS stood 0.5 pence.

"The reason that we have been able to support the economy as extensively as we have and remain financially resilient is because of our diversified universal banking model. Our strength in diversification has delivered pre-provision profits of £5.0bn and, even after impairment, we remain profitable. Income increased 8% to £11.6bn for the half, with total costs down 4% to £6.6bn resulting in positive jaws of 12%, and an improved cost to income ratio of 57% versus prior year," said James E Staley, Group Chief Executive Officer.

Breaking the News / TF