Since early 2020, we have been exposed to a multi-headed crisis. Covid invaded day-to-day life and ebbed away whilst the humanitarian crisis in Ukraine arose. This proved to be the catalyst for the macroeconomic state of stability that we had been enjoying for some time to be overturned. Economic consequences became severely noticeable with sanctions, supply chain disruptions and persistent inflationary pressure, which had worldwide economic repercussions. This in turn of course has affected the single most important factor for the general state of health of a Bank – interest rates. For an extremely long time, we have not seen interest rates increasing at this pace and it goes without saying this in turn has profound implications on banks’ health and stability.

In this fifth edition of the State of the Banks (FY22), we reflect on the results of the four largest Dutch banks in the new normality – as stated above, significantly impacted by a swift turnaround towards contractionary monetary policy. We address the impact on key banking themes and also include our view on trending - though challenging - topics such as ESG, Connected banking and DORA.


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