Barclays reports a 42% fall in profit, takes a $2.6 billion credit impairment charge

Barclays on Wednesday reported a 42 percent fall in first-quarter net profit year-on-year and opted to take a £2.1 billion ($2.62 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, Barclays said its credit impairment charge “reflects our initial estimates of the impact of the COVID-19 pandemic.”