Banks’ profits fall 26% in 2020 with pandemic, says Central Bank

The Covid-19 pandemic has affected the financial system and caused a 26% drop in banks’ profits in 2020 compared to the previous year, according to a BC report. Banks will pocket R$88.6 bn ($15.8 bn) in 2020, against R$119.7 bn ($21.3 bn) in 2019, a difference of $31.1 bn ($5.5 bn). According to the Central Bank, although there are still uncertainties about the evolution of the pandemic, the trend is for banks’ profits to grow in 2021.

Source: Folha