The first-half impairment provision was driven by the bank reclassifying a large volume of loans as having become more risky as a result of the economic shock and compared to a €79 million charge taken in the first half of last year.
“Our outlook is cautiously more optimistic than our quarter one trading update, resulting in revised guidance for the rest of 2020 in terms of new lending and business income,” said Ms McDonagh. “We remain committed to continuing to support our customers, and helping reboot the economy, in the time ahead.”
The bank has now signalled that cost-cutting will be even deeper, and that 2021 costs will be lower than the previous guidance.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: IrishMirror - 🏆 4. / 98 Read more »
Source: JOEdotie - 🏆 31. / 51 Read more »