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Barclays hands out billions in Covid support loans

Income rose 3% in the nine months to September 30 to £16.8 billion with pre-tax profits of £2.4 billion, including a £1.1 billion profit in Q3.

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Barclays bank has handed out extra cash to businesses suffering from Covid hits. (Ian West/PA)

Barclays bank has handed out extra cash to businesses suffering from Covid hits. (Ian West/PA)

Barclays bank has handed out extra cash to businesses suffering from Covid hits. (Ian West/PA)

Barclays Bank handed out 640,000 payment holidays to customers hit by Covid-19 restrictions and approved loans and support worth £25 billion.

The lender added that it waived £100 million in interest and fees for UK customers and provided the same amount in community aid packages.

A total of 9,800 Coronavirus Business Interruption Loan Scheme (CBILS) and Coronavirus Large Business Interruption Loan Scheme (CLBLS) payments were approved with a value of £3 billion. The loans are 80% backed by the Government.

Around 296,000 bounceback loans for small businesses, worth £9.2 billion, which are 100% backed by the taxpayer, were also approved, alongside £12.4 billion through the Covid Corporate Financing Facility (CCFF), operated by the Bank of England.

In this historically challenging year... we have continued to provide huge support to help people through the social and economic impact of the Covid-19 pandemicJes Staley

The huge support for UK businesses came as Barclays revealed income at the global bank increased 3% in the nine months to September 30 to £16.8 billion, with pre-tax profits of £2.4 billion, including £1.1 billion in the third quarter.

Profits increased in its investment division and high street lending over the three-month period as global economies recovered from the height of the global pandemic, it added.

Barclays said its preferred measure – Return on Tangible Equity (RoTE), based on profits from cash invested with the bank – increased to 5.1% in the three months to September 30.

However, the rise was greater in its investment division – hitting 10.2% – compared with its ring-fenced high street services, with a more modest 4.5%. The UK division made a pre-tax profit of £196 million.

Chief executive Jes Staley said: “In this historically challenging year for our customers and clients we have continued to provide huge support to help people through the social and economic impact of the Covid-19 pandemic.

“This remains a priority, alongside maintaining the financial integrity of the firm and keeping our colleagues safe.”

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