May 20, 2020 / 5:57 AM / 5 days ago

Rabobank sees 2020 loan provisions up by 2 bln euros

AMSTERDAM, May 20 (Reuters) - Rabobank, the Dutch agricultural lender, said on Wednesday it foresees around 2 billion euros ($2.2 billion) in additional loan provisions in 2020 as a result of the coronavirus crisis, and profit would be “significantly impacted”.

Rabobank, which in February reported 2.2 billion euros in profit for the full year 2019, will report earnings for the first half of 2020 on Aug. 13.

“We will continue to assess the impact of the COVID-19 crisis on our financial performance, but it is at this point in time too early to give a reliable indication of the impact on our aggregate net profit for the full year 2020,” the cooperative bank said in a statement.

$1 = 0.9137 euros Reporting by Toby Sterling; Editing by Tom Hogue

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