Net interest margins also narrowed, squeezed by a substantial rise in nonaccruing assets, and the nonperforming assets ratio reached nearly five percent. Almost one in every three community banks recorded a net loss last year.
Before I move on the decision of the MPC, I will give you a general overview of recent economic developments both globally and domestically. International economic developments 6. I will now start with the global economic conditions. 7. As expected, output contracted significantly in several major economies in 2020Q2. a.