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Barclays profits drop 40% in first quarter of 2020

Friday 1st May, 2020

Barclays has announced a 40% profits plunge in the first quarter of 2020 as the economic impact of Covid-19 hit customers and prevented them repaying their loans.

With SME customers trying to spend less and build up cash reserves, Barclays was one of banks raising funds, through the government's CBILS scheme, for UK businesses to get them through the financial crisis.

Along with other UK banks, Barclays was ordered to cancel its dividend by the Bank of England due to fears banks would need to preserve capital in the face of the looming economic crisis.