Business
Bad debts, dividends in focus as COVID-19 dominates bank profits – Sydney Morning Herald
Major banks will reveal fresh details on how the pandemic is affecting their multibillion-dollar loan portfolios, as COVID-19 hangs over banks’ profit results.
Banks pencilled in almost $5 billion in COVID-related bad debt charges in their previous results in April and May, and whether lenders will take additional provisions this month is up for debate. While the economy has avoided the worst-case scenarios, the outlook remains highly uncertain.
Investment director at Investors Mutual, Anton Tagliaferro, said he was “pretty cautious” towards the banks, predicting lenders would need to take more provisions for bad loans at some point. “I guess the big …
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