PRAGUE (Reuters) – Consumer lender Home Credit Group posted on Friday a 619 million euro loss for the first half on provisioning to cover loan losses as the coronavirus pandemic hit consumers.
The lender whose operations include China, India and other markets in South-east Asia, Russia or the Czech Republic, said it had shrunk its lending book by 20% in response to the crisis but said business had started recovering.
“I am encouraged to see that our business has already been improving since late in the second quarter,” said Chief Executive Jean-Pascal Duvieusart. “Barring further economic shocks, we expect the business to continue rebounding in the second half of 2020.”
Impairment losses jumped to 1.79 billion euros from 871 million a year ago, the company said. Non-performing loan coverage ratio rose to 197.8% from 124.1% a year earlier.
“I am confident that by keeping our business intact despite such strong
Mooresville-based Lowe’s Home Improvement posted a huge surge in revenue for the second-quarter on Wednesday. The company saw a more than 30-percent increase in sales which outpaced expectations.
According to a release from the company, sales for the second quarter were $27.3 billion compared to $21.0 billion in the second quarter of 2019. Much of that boost can be attributed to home improvement projects taking place during the pandemic.
Online sales also saw incredible gains. The retailer posted a 135-percent increase in sales, mostly driven by the fact that buyers made purchases online due to stay-at-home orders and concerns about the coronavirus.
In addition to the revenue gains, the company said it also invested millions of dollars into communities, including Charlotte. Lowe’s Inc., donated $460 million in support of frontline hourly associates, communities and store safety, according to a release from company headquarters.