European banks profit dropped the most since mortgage crisis

With most of the earnings for 4 quarter completed its clear that European banks ahd their worst year in decade. Net imcome of major European banks went bellow 10 billion Euro for the first time since 2010 and was only 9 billion Euro 2020. This is a huge drop as in 2019 their net income was 38 billion and year before it was 47.8 billion Euros. Its clear sign that this industry was hit hard by pandemic as many firms went under or had to postpone their payments which mean big drop in revenue and profit. This is not a good sign as banks are mst important part of financial system. (Arons, Bloomberg)

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