Chief executive Joe Garner said, “While the coronavirus impacted our profitability in the last few weeks of the year, there was pressure on margins even before it hit.”
In January, the chief financial officer of Commerzbank, former McKinsey partner Bettina Orlopp, announced that the bank had hired Bain & Company to identify an additional €500 million in savings
TCS, the parent company of Tinkoff Bank, had previously said it expected annual net profit to increase to 42 billion roubles - another record - from 36.1 billion in 2019.
Meanwhile, the coronavirus raises the prospect of loan losses and credit impairments for banks, as businesses shut their doors and lay off staff.
For applications with bonus, commission or overtime income, 50 per cent of the bonus, commission or overtime averaged over the past two years will be used in the affordability assessment, and the past two years’ P60s will be required as evidence.