OakNorth Execs Talk Current Business Outlook

Like a majority of companies, OakNorth is taking a fresh look at forecasts for 2020; Nick Lee, a senior executive spoke with Sifted to talk about how they’re thinking about 2020; he stated, “I would hope that we will be profitable [again] in 2020…But the magnitude of that profit will depend on the stresses that we see.” some analysts believe OakNorth is in a vulnerable spot as they begin to realize credit losses; their current loan book is £3 billion and is heavily weighted in property and construction; OakNorth has run 34 stress tests this year for different scenarios and their position is that the bank is still well capitalized; according to the company there weren’t a significant number of clients that they felt were in huge amounts of trouble. Sifted

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