Dutch Rabobank's 2022 profit down 25% after exit from Russia

AMSTERDAM, Feb 9 (Reuters) - Dutch cooperative Rabobank on Thursday said its net profit fell by a quarter last year to 2.8 billion euros ($3 billion) as its exit from Russia and the economic slowdown drove up impairments. Profit on the other hand was helped by rising interest rates, which led to a 10% increase in net interest income and improving margins on deposits.

Impairment charges in 2022 totalled 344 million euros, while the bank had been able to release 474 million euros worth of COVID-19 related provisions a year before. Rabobank in March decided to end all its activities in Russia because of the war in Ukraine. At the start of 2022, Rabobank had a total exposure of around 400 million euros in Russia, where its subsidiary DLL was active with the leasing of equipment in the agriculture sector.

($1 = 0.9310 euros) (Reporting by Bart Meijer; Editing by Tom Hogue)

Reuters

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Dutch Rabobank's 2022 profit down 25% after exit from Russia