Barclays bank 2Q earns down 19% as income stagnates

Business

LONDON (AP) — London-based Barclays bank says second-quarter earnings fell 19% as income stagnated and it set aside more money to cover bad loans.

Net income dropped to 1.03 billion pounds ($1.25 billion) from 1.28 billion in the same period last year. Income was largely flat at 5.54 billion pounds. Credit impairment charges and other provisions rose 70% to 480 million pounds.

The trans-Atlantic bank also warned about continuing uncertainties related to Britain’s departure from the European Union.

Barclays described Brexit as “one of the most significant economic events for the UK,” adding that “its effects are subject to unprecedented levels of uncertainty of outcomes, with the full range of possible effects unknown.”

The bank declined to predict the “unknowable factors or all possible future implications” of Brexit.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Dont Miss

More Don't Miss