The bank had to lay off 120 employees due to the crisis
According to LearnBonds, Monzo’s annual losses doubled, equating to £113.8 million in its 2020 accounts, compared to £47.1 million in 2019.
The bank stated that revenues more than tripled to £67.2 million from £19.7 million. That’s because the business expanded to hold over 4.4 million customer accounts.
Nevertheless, as the pandemic crisis continues, Monzo would expect to see sustained adverse impacts on income due to lower transaction and lending volumes.
We’ve reported that global banks are forecasted to face credit losses of nearly $2.1 trillion by 2021 due to the pandemic. In fact, $1.3 trillion are accounting for this year alone, more than doubling the 2019 level.