Income decline
-0%
…income squeeze – accelerated by Covid-19, yet less than expected
2020 also a turning point in account and deposit pricing
Flight to deposits
+0%
…deposit volume in 2020 driven by decreased consumer spending
Transforming of deposits into fee income as imperative
Continuous cost focus
-0%
…operating costs in 2020 – cost cutting programs already started pre-Covid-19
More radical measures to come
Cushion and caution
+0%1)
…loan loss provisions in 2020 and government interventions as cushion
Pending insolvencies and heightened unemployment