National Irish Bank reports €400mn loss
Tuesday 09 August 2011
National Irish Bank has reported a pre-tax loss of 400 million euro (£348.3 million) for the first six months of the year.
The bank, owned by Danske Bank Group, set aside 420 million euro (£365.7 million) to handle bad loans leading to the pre-tax loss.
Commercial property loans amounted to 3.3 billion euro (£2.9 billion), with most of the bank's loan impairment charges in this area.
National Irish Bank chief executive Andrew Healy said performance was broadly in line with expectations and reflected the "harsh economic conditions that continue to prevail".
"While our restructuring programme is delivering benefits to the cost line, impairments remain frustratingly high and are caused in the main by the continued decline in property values," he said.
"Our parent, Danske Bank Group, remains strongly committed to Ireland and to National Irish Bank.
"We believe the changes we have made to our business create a good platform for growth once conditions improve."
The bank's total loan book was 9.1 billion euro (£7.9 billion), down 9% on last year.
Customer deposits increased by 21% to 5.1 billion euro (£4.4 billion).
The bank reported an operating profit before impairment charges of 20 million euro (£17.4 million), a drop of 22%.
Income fell 19% to 68 million euro (£59.2 million) due to reduced customer demand and the impact of the impaired loans.
Costs fell by 18% to 48 million euro (£41.8 million), largely driven by the bank's restructuring programme.
Danske Bank Group reported a profit before tax of 480 million euro (£418 million), up 14% on the first half of 2010.
- 1 Paris attacks: Do not call Charlie Hebdo killers 'terrorists', BBC says
- 2 Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
- 3 UK weather: Snow to fall in the coming week with sub-zero temperatures to last until early February
- 4 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 5 The enemy within: People who hear voices in their heads are being encouraged to talk back
Paris attacks: Do not call Charlie Hebdo killers 'terrorists', BBC says
Rowan Atkinson to sell £10 million McLaren 'supercar' he crashed into a tree and a lamppost
UK weather: Snow to fall in the coming week with sub-zero temperatures to last until early February
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Howard 'Mr Nice' Marks reveals he has inoperable cancer: 'I've had an incredible life'
Nigel Farage: NHS might have to be replaced by private health insurance
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
George Galloway condemns 'racist, Islamophobic, hypocritical rag' Charlie Hebdo at freedom of speech rally
British Muslim school children suffering a backlash of abuse following Paris attacks
iJobs Money & Business
£30000 - £32000 per annum + benefits : Ashdown Group: A highly successful, int...
£18000 - £20000 per annum: Recruitment Genius: This rapidly expanding business...
£25 - 28k + Bonus: Guru Careers: An In-house / Internal Recruiter is needed to...
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...