A sign hangs above the entrance of a branch of Barclays PLC Bank in the UK city of London
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Barclays posted net income of £ 695 million ($ 765.64 million) for the first half of 2020, increasing its coronovirus-related provisions.
The British bank added another £ 1.6 billion to its Credit Impact Charges during the second quarter, bringing the total level to £ 3.7 billion at the end of the first half.
CEO Jess Staley told CNBC that the total level of these reserves for loan losses had reached “based on very conservative economic assumptions”.
CNBC’s “Squawk Box Europe” reported, “How we are seeing economies right now is a bit better than the assumptions we actually have in our models.”
Other metrics at the end of the first half:
- The ratio of CET 1 at the end of the first quarter was 14.2%, up from 13.1%.
- Revenue was £ 11.6 billion, versus £ 10.7 billion a year earlier.
The bank said it would decide on the future dividend and its capital return policy at the end of the financial year. The stock is down about 37% since the beginning of the year.