Read the following article. Original link: https://www.bbc.com/news/uk-northern-ireland-55931703

=========

Danske Bank in Northern Ireland saw pre-tax profits fall by 86% in the 12 months to the end of December.
It reported £13m pre-tax profits in 2020, in comparison to £90m in 2019.

The performance was heavily affected by the bank having to make 'loan loss provisions' related to the ongoing coronavirus pandemic.
These provisions are money the bank must put aside to cover loans, which they assess are unlikely to be repaid in full.
The bank made provisions of just over £45m in 2020 compared to just £0.8m in 2019.

'Particularly challenging year'
Danske Bank chief executive UK Kevin Kingston said the bank had not been immune to the negative financial impacts of the coronavirus pandemic.

"Combined with a record low interest rate environment and Brexit uncertainty, 2020 proved to be a particularly challenging year," he said.
The bank said it approved more than £450m worth of coronavirus-related business support loans in 2020.
More than £395m of this volume was provided through the government-backed Coronavirus Business Interruption Loan Scheme, Coronavirus Large Business Interruption Loan Scheme and Bounce Back Loan Scheme.

"Outside of the government schemes, our capacity to support new business lending remained strong, however demand for lending was subdued as a result of uncertainty around both the impact of the pandemic and the prolonged Brexit process," Mr Kingston added.

'Work to do'
In personal banking, the bank said it arranged more than 5,300 mortgage repayment holidays, with a further 675 personal loans and credit card repayment holidays.
"As we look ahead, it is clear that the challenges facing society and the bank will be with us for some time," Mr Kingston said.

"That said, the good news is that the local economy has avoided the implications of a no-deal Brexit, albeit there is still a lot of work to do in terms of embedding the new trading arrangements."

He added that customer deposits have increased by £2bn in 12 months, something the bank has not seen in its 200-year history.

He said he looks forward to customers being able to spend that money and unlock the economic potential, describing it as a "key shot in the arm" for the Northern Ireland economy.