) pretax profit was all but wiped out in the first quarter, after it joined the list of lenders hobbled by provisions against expected bad loans due to the coronavirus pandemic.
Britain’s biggest domestic bank on Thursday reported pre-tax profits of 74 million pounds, down from 1.6 billion pounds the previous year, hit by a 1.4 billion pounds loan impairments charge. “Despite the outlook remaining challenging and uncertain, we are well placed to play our part and help Britain recover from this crisis,” Chief Executive Antonio Horta-Osorio told reporters.
The bank also abandoned forecasts on various performance metrics it set out in February, which included an increase its return on equity to 12 to 13%, saying that guidance was no longer appropriate given the harsher environment.
Didn’t realize this is what he did after G-unit
Ah well.
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