Barclays profits plunge as it puts aside £1.6bn for Covid-19 defaults

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Bank’s second-quarter loan loss provision takes total credit impairment charges to £3.7bn

Barclays’ pre-tax profits plunged 75% in the second quarter after the bank put aside another £1.6bn to cover bad debts in preparation for a wave of defaults caused by the coronavirus crisis.

The second-quarter loan loss provision was more than the £1.4bn analysts had expected and brings total credit impairment charges to £3.7bn for the six months to June. It is also three times the £408m charge it logged last year.

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