Home / World News / Coronavirus will cost banks over $2 trillion in losses on loans: S&P Global

Coronavirus will cost banks over $2 trillion in losses on loans: S&P Global

Around 60% of the losses are likely to be in Asia-Pacific, it added

Canara Bank and Punjab National Bank have up to 30 per cent of their loan book under moratorium

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This year is expected to see a $1.3 trillion hit, more than double the 2019 level

2 min read Last Updated : Jul 09 2020 | 10:11 PM IST

Global banks face combined loan losses of $2.1 trillion by the end of 2021 as a result of the coronavirus crisis, credit ratings agency S&P Global estimates, with a hit of $1.3 trillion this year more than doubling the 2019 level.

Around 60% of the losses are likely to be in Asia-Pacific S&P said on Thursday, although the highest relative increases - at more than double on average compared with 2019 - will occur in North America and Western Europe.

"We estimate that the top 200 rated banks represent about two-thirds of global bank lending," a group of S&P's top analysts said

Topics : Coronavirus Banks loans S&P global Ratings

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