British banks Barclays and Standard Chartered set aside funds to cover the risk of non-repayable loans. This was evident from the quarterly figures of the financial institutions. At Barclays, this involved an additional depreciation of £ 2.1 billion, or more than 2.4 billion euros. Standard Chartered recorded a provision of $ 956 million (881 million euros).
The banks expect more companies to get into trouble because of the corona crisis. Barclays reports that £ 400 million of its additional write-off will come from one customer, while Standard Chartered says two customers will account for about half of the additional funds put away.
Barclays was also relatively unaffected by the corona crisis in the first three months of the year and saw benefits grow by a fifth to £ 6.3 billion. Net profit came to £ 605 million.
Standard Chartered was more affected by the crisis due to its increased focus on Asia and other emerging regions, yet boosted revenues by 13 percent to $ 4.3 billion. The bank had $ 517 million left under the line.