Jul 28, 2022
Profit halves at Barclays after bad loan charges and misconduct provisions hit
Profit halved at Barclays in the second quarter as a spike in misconduct provisions and charges for potential bad loans offset another surge in trading revenue at its investment bank. Net income fell to £1.07bn from £2.05bn in the same period last year, the British bank said on Thursday. Barclays became the latest bank to take a $200mn provision to cover a US regulatory probe into staff misusing their personal devices - and apps such as WhatsApp - for work communications. Earnings from fixed-income and equity trading more than offset a steep plunge in revenue from debt capital markets and advisory as M&A transactions and equity capital market issuance collapsed. Barclays stock has fallen 16 per cent this year and one of its largest shareholders, Capital Group, sold a stake worth £900mn.
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