Barclays 1Q Net Profit Nearly Halved; Took Credit Impairment Amid Pandemic -- Earnings Review
April 29 2020 - 6:11AM
Dow Jones News
By Sabela Ojea
Barclays PLC reported on Wednesday earnings for the first
quarter of 2020. Here's what you need to know:
PRETAX PROFIT: Barclays made a pretax profit of 913 million
pounds ($1.14 billion) in the first quarter of 2020 compared with
GBP1.48 billion for year-earlier period. Analysts expected it to
fall to GBP1.10 billion, according to FactSet and based on four
analysts' estimates.
NET PROFIT: The lender made a net profit of GBP605 million, down
from GBP1.04 billion in the year-earlier period. Analysts expected
a net profit of GBP510.5 million, according to FactSet and based on
two analysts' estimates.
WHAT WE WATCHED:
--CREDIT IMPAIRMENT CHARGES: Barclays took a GBP2.12 billion
credit-impairment charge for the first quarter of 2020 due to the
coronavirus pandemic.
--NET INTEREST MARGIN: The lender's net interest margin lowered
to 2.91% compared with a net interest margin of 3.18% in the first
quarter of 2019. Its net interest margin is still under pressure,
as the market expected.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
April 29, 2020 05:56 ET (09:56 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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