Page 47 - Annual Report 2020
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/ 42 QF CR A ANNU AL REP OR T 2020
6. Composition of the income statement
Net interest income improved in 2020 compared to the
previous year, with a significant increase in the second half
of 2020. This was primarily due to increased net interest
margins that resulted from reduced funding cost. Although
the overall profitability was high during 2020 compared to
2019, this was weighed down by increases in credit losses as
provisions were adjusted to reflect the effects of the COVID-19
pandemic and the resultant impact on asset quality.
T ABLE OF C ONTENT S
