Via Reuters Finance

FILE PHOTO: The logo of Barclays is seen on the top of one of its branch in Madrid, Spain, March 22, 2016. REUTERS/Sergio Perez

LONDON (Reuters) – Barclays (BARC.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.

Reporting By Lawrence White, Editing by Sinead Cruise


READ ALSO  Appeals court schedules Dec. 14 hearing on blocked U.S. TikTok new user ban