Business Companies 21 Feb 2019 Barclays sets aside ...

Barclays sets aside millions to deal with Brexit uncertainty

AP
Published Feb 21, 2019, 4:52 pm IST
Updated Feb 21, 2019, 4:52 pm IST
The bank's net loss shrank to 76 million pounds from 1.29 billion pounds.
Britain is scheduled to leave the EU on March 29, ending more than 40 years of free trade with the bloc.
 Britain is scheduled to leave the EU on March 29, ending more than 40 years of free trade with the bloc.

London: British bank Barclays says it set aside 150 million pounds (USD 196 million) to deal with economic uncertainty as Britain prepares to leave the European Union.

The bank said on Thursday that bad loans in its credit card and corporate lending businesses may increase amid "anticipated economic uncertainty in the U.K."

 

Britain is scheduled to leave the EU on March 29, ending more than 40 years of free trade with the bloc.

The comments came as Barclays said recent restructuring efforts delivered "improved performance across the group" last year.

Barclays says fourth-quarter pretax profit jumped to 374 million pounds from 93 million pounds a year earlier as it cut costs and set aside less money to cover past misdeeds.

The bank's net loss shrank to 76 million pounds from 1.29 billion pounds.

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