LONDON: Britain’s Lloyds Banking Group on Wednesday reported a slump in 2020 profit due to “significant” economic fallout from the coronavirus pandemic. Profit after tax nosedived 65 percent to £865 million ($1.2 billion, 1.0 billion euros) last year, from £2.46 billion in 2019, LBG said in a results statement.

The bank took a huge £4.2 billion impairment charge which reflected a “significant deterioration in the economic outlook” as a result of the Covid-19 health emergency. Pre-tax profit tumbled 72 percent to £1.2 billion, while income tanked by around one third to £29.2 billion.

“The group’s financial performance in the year has been impacted by the pandemic,” said outgoing chief executive Antonio Horta-Osorio, who leaves later this year after a decade in charge.

“The impact of the coronavirus pandemic on the people, businesses and communities in the UK and around the world in 2020 has been profound.

“We remain absolutely focused on working together with all of our stakeholders to support our customers and ensure a sustainable recovery,” he said.