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Bankers’ Top Concern: COVID’s Impact on CRE Lending
Bankers are most concerned about the impact of the COVID-19 on commercial real estate and business lending, according to the latest survey of top bank executives by Promontory Interfinancial Network.
Nearly half of the CEOs, CFOs and presidents of the 557 unique banks that responded to Promontory’s second-quarter survey said that CRE lending is most vulnerable to the economic fallout of the pandemic.
Nearly a quarter of respondents said commercial and industrial lending was their top concern, followed by 16% who said consumer lending was most vulnerable.
The survey also found that many bankers believe the impact of the virus will extend beyond next year. More than a third said the business impact would last until 2022 and beyond.
“These results show that many believe the impact on the economy will be more pronounced than initially anticipated,” said Mark Jacobsen, cofounder and CEO of Arlington, VA-based Promontory.
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- ◦Economy
- ◦Financing
