Erste Group warns of significant drop in 2020 net profit

VIENNA (Reuters) - Austrian lender Erste Group said it expects a significant drop in its 2020 net profit after posting a 38% fall for the first quarter as it felt the effects of the coronavirus restrictions on its business."While quantifying the drop in profitability is a very challenging task given the ongoing lack of predictability of events, we must expect that in 2020 our operating income and hence also the operating result will decline, risk costs for customers loans will rise and the net..