1/8  BIS central bankers' speeches  Some improvements are probably transitory and, as a result, overall profitability in 2021 could be lower than in the first half of the year. The ROE expected by financial analysts for the main Italian banks stands at around 6 per cent, a similar level to that recorded in 2019.
The gradual phasing out of the support measures, moratoriums and guarantees will surely bring to light cases of repayment difficulties. However, it is to be expected that the deterioration in credit quality will be much less marked than it was in previous crises.