Thursday, 24 Sep, 1.13 pm NewsX

Global banking recovery to stretch to 2023 and beyond: S&P Global Ratings

Global Banking Economy

COVID-19 and the oil price shock of 2020 are taking a heavy toll on global banks, S&P Global Ratings said on Thursday adding that it will be difficult for them to return to pre-crisis levels in the next three years. To estimate the shape of recovery for banks, S&P analysed 20 of the largest banking systems globally in its report.

It said that they do not expect the world's largest banking sectors, including more than half of G20's, to recover to pre-COVID-19 levels until 2023 or beyond. S&P Global Ratings has taken 335 negative rating actions globally since the outbreak began. "The hit on financial institutions globally has been unambiguously negative," said Credit Analyst Gavin Gunning.

He said that they had already negatively revised the economic or industry trends underpinning the financial strength of many banking jurisdictions globally, that trend should persist.

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