A record quarter for Barclays’ sales and trading unit failed to lift the bank during the first quarter as loan loss provisions bracing for the impact of the Covid-19 crisis led to a near 40% profit slide.
The UK lender put aside £2.1bn in provisions for credit losses during the first quarter, as much as it did for all of 2019, which led to a profit slide to £913m - 38% down on the same period last year. The reserve was more than double analyst expectations of £923m.
