LONDON (AP) — British bank Barclays says it set aside 150 million pounds ($196 million) to deal with economic uncertainty as Britain prepares to leave the European Union.
The bank said Thursday that bad loans in its credit card and corporate lending businesses may increase amid “anticipated economic uncertainty in the U.K.” Britain is scheduled to leave the EU on March 29, ending more than 40 years of free trade with the bloc.
The comments came as Barclays said recent restructuring efforts delivered “improved performance across the group” last year.
Barclays says fourth-quarter pretax profit jumped to 374 million pounds from 93 million pounds a year earlier as it cut costs and set aside less money to cover past misdeeds. The bank’s net loss shrank to 76 million pounds from 1.29 billion pounds.
Most Read Business Stories
- 'Sold by Amazon' program shut down after WA attorney general's antitrust investigation
- Boeing reports net loss in 2021 as cost of 787 delivery halt soars to $5.5 billion
- Amazon Go is moving toward the suburbs, starting in Mill Creek
- Crypto collapse erases more than $1 trillion in wealth, forcing a reckoning for everyday investors
- Paul Allen’s Vulcan spins out $8 billion investment-management group