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Fewer people are defaulting on loans due to the pandemic than expected, two major banks have said.
NatWest Group, which owns RBS, was able to release £102m it had set aside for bad loans in the first quarter after better than expected repayments.
Standard Chartered meanwhile took a $20m hit from bad loans in the same period - down by $354m from the previous quarter.
Earlier this week HSBC and Lloyds both reported a similar trend.
Last year, many big banks warned that business and personal banking customers risked being unable to repay debts as coronavirus battered the UK economy.
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NatWest says fewer customers defaulting on loans despite Covid
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Banks in the UK and Europe plan to reduce business travel after the pandemic
Europe’s largest banks predict a definitive reduction in business travel from pre-pandemic levels following the reversal of the coronavirus crisis, as many new ways of working remotely developed during the closure become commonplace.
Senior bankers are keen to learn from last year’s lessons to reduce costs and consolidate green credentials, but plans will be worrisome for companies and hospitality groups that rely heavily on profits on business trips and hope to recoup the cuts once. they rise.
Noel Quinn, chief executive of HSBC, told the Financial Times that he hoped to reduce Covid’s subsequent travel by making fewer and longer trips to the lender’s international hubs to lower the number of flights required.
Banking giants are planning to cut down on business travel in the wake of the Covid pandemic, it emerged today.
HSBC, Lloyds Banking Group and ABN Amro have all announced plans to cut back on international flights in a bid to shrink their carbon footprint and cut costs.
But the news comes as a fresh blow to the beleaguered travel industry, which has been left on its knees in the coronavirus crisis and relies on business travel to bolster profits.
Carriers are forecast to lose around £34 billion in 2021, according to the International Air Transport Association.
Businesses spend more than £215 billion each year on corporate travel, approximately 20 per cent of which is on airfare, PwC figures suggest.