AMSTERDAM Aug 21 Dutch lender Rabobank said on
Thursday its net profit slipped 3 percent to 1.1 billion euros
($1.4 billion) in the first half of the year, due to charges
related to Dutch bank SNS which was bailed out by the
The outlook for 2014 is uncertain, the bank said in a
statement, partly due to the Ukraine crisis and the possible
impact on the global economy.
Rabobank said its net result in the first six months of 2014
was reduced by a one-time 214 million euros levy imposed on
Rabobank, the largest Dutch mortgage lender, said in a
statement it was not yet able to give guidance on the possible
impact of the European Central Bank's asset quality review, or
"stress test" of European banks.
The bank said it "was expecting a cautiously continuing
economic recovery in the second half of the year," citing rising
consumer consumption and positive signs in the housing market.
It added that the trade conflict with Russia over the
Ukraine crisis "represent an uncertain factor".
"Russian sanctions can have an adverse impact on a number of
our business customers and may therefore also adversely affect
Rabobank's result to a limited extent," it added.
Rabobank is the largest lender in the Dutch farms. The
Russian sanctions are expected to cost the agriculture sector
more than 300 million euros in lost business this year.
(Reporting By Anthony Deutsch; Editing by Miral Fahmy)