Page 42 - Annual Report 2021 EN
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C OMPO SI T ION OF INC OME S TATEMENT
4. Composition of the income statement
Net interest income decreased slightly in 2021
compared to the previous year. This was primarily
due to the tapering off of “the COVID-19 effect”
wherein 2020 net interest margins had increased as
a result of reduced funding cost, which was not there
in 2021. The effects of COVID-19 were also noted in
relation to credit losses, where fewer provisions were
required than was the case in 2020. Furthermore, in
a number of cases, debt recoveries along with write-
back of credit losses demonstrated the resilience
of QFC banks to withstand the worst effects of the
pandemic with no discernible impact on asset quality.
Net interest income Operating expenses Taxation Credit losses
Non-interest revenue Non-trading and capital items
