NatWest Group reported a swing to operating pretax loss for the second quarter of 2020 after booking much-higher-than-expected impairments for the period due to the coronavirus pandemic.

The UK bank posted an operating pretax loss of £1.29bn ($1.69bn) for the quarter compared with an operating pretax profit of £1.68bn for the same period a year earlier. It was expected to report an operating loss of £257,000 for the period, according to the bank’s compilation of forecasts.