PROFITTO ANNUO DIMEZZATO ED OUTLOOK NEGATIVO....APERTURA DEL CERTIFICATO IN RIBASSO
Rabobank to Cut Jobs; 2020 Net Profit Fell 50% to EU1.1 Billion (BBG)
Dutch lender started “program of continuous improvement” for coming years to optimize cost/income ratio, which is expected to result in average annual reduction of workforce by 1,000 FTE over next five years, according to statement on Thursday.
· Program will be “a mix of regular outflow, reduction of external FTEs, whereas redeployment within Rabobank will partly mitigate the impact on forced leaves”
· Rabobank says Covid-19 “significantly affected the financial performance” last year, with drop in net profit of 50% y/y
· Lender says impact of pandemic “primarily visible” in level of impairment charges, which rose to EU1.9 billion last year, from EU975 million in 2019
· Bank expects “a deterioration in the credit quality in the business loan portfolio in the course of 2021, which is reflected in the higher level of impairment allowances”