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STUART THEOBALD: New accounting rules make comparing banks’ performance with 2009 hard

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Companies must now expense the losses they expect to make as soon as their expectations change

Bank profitability has predictably been hit hard by the Covid-19 crisis. Profits have slumped between 43% and 82% in the first half of the year.

The issue is how to judge this in context. Sure, profits have slumped, but the banks remained profitable and their financial strength has not been compromised. Nevertheless, I do wonder if this has been the worst performance in modern financial history.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

 

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