2020 Financial Highlights
Covid-19 Pandemic: Our Response
Two Committees headed by Executive Directors were setup to focus on the impact
of the pandemic on our Business Strategy and Business Continuity
Business Strategy
Conducted early assessment of the pandemic
based on 3 scenarios:
➤ Base Case: the pandemic is contained within
3M and the economy reopens in July
Moderate Case: the pandemic is contained in
6M and the economy reopens in Oct.
Worst Case: the pandemic remains above 6M
but the economy reopens in 2021.
✰ Stress test revealed a 15% - 30% negative
impact on PBT from the Base Case to the Worst
Case Scenario.
Granted moratorium and reviewed lending rate
downward for specific sector/customers.
✰ Obtained varying palliatives from DFIs on on-
lending facilities granted to customers.
10
Business Continuity
✰ Introduced new Covid-19 protocol that limited
both staff and customers' footprint at our
business locations.
Implemented new health and safety
measures for staff and customers.
Commenced remote working with at least
50% of staff working from home.
Prior investment in technology enabled
seamless remote working & collaboration.
Migrated additional services to the cloud in
line with the remote working protocol.
Activated new IT Security protocols in view of
the changing cyber-risk landscape.
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