A very tough year indeed. In my view most banks will report lower profits by full year. As far as NPLs are concerned, the intrerest rates have been so high for a long time. That is what helped banks to sustain double digit growth for almost 10yrs!
Moving forward the businesses and individuals loaned to can no longer sustain these high rates thus the default. What might save banks is the expected interest rate hike. However that increases the default risk leading to even higher NPLs.
Time is money, so money is time. Money saved is time gained in reverse! Money stores your life’s energy. You expend your energy, get paid money, and store that money for a future purchase made in a currency.