Barclays says it is 'very unlikely' to meet profit goal amid virus outbreak

LONDON (Reuters) – Barclays (L:) is ‘very very unlikely’ to meet its goal of a 10% return on equity this year given the impact on its business of the coronavirus pandemic, its Chief Financial Officer Tushar Morzaria said on Tuesday.

Profits will be hit by a buildup of bad loan provisions as corporate borrowers suffer in the economic slowdown accompanying the virus’s spread, Morzaria told a financial conference in London.

Barclays earlier this year said that its goal of a 10% return on tangible equity, a key measure of profitability, would be difficult but achievable.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.