2020 was not a successful year for the consumer credit provider, but at least most debtors remained solvent. Will everyone be able to pay their due installments in 2021?
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The Swiss bought fewer cars in the Corona crisis; the Cembra Money Bank felt this too.
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The virus is raging on the balance sheet of credit card and consumer credit company Cembra Money Bank. Actually, the bank should have reported a jump in profits or at least a jump in earnings in 2020 – in the first year after taking over smaller competitor Cashgate. However, the acquisition-related growth was slowed down or even reversed in all business areas: Cembra’s profit fell slightly to CHF 153 million, and income from the credit card business even fell by 14% to CHF 155 million.
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