March 18, 2020 / 8:06 AM / in 11 days

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

The Barclays logo is seen in front of displayed stock graph in this illustration taken June 21, 2017. REUTERS/Dado Ruvic/Illustration

LONDON (Reuters) - Barclays 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

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