Irish Life losses narrow to €10m
Published 31/08/2010 | 09:15
Irish Life and Permanent today revealed operating losses for the first half of this year narrowed by 80pc to €10m.
The group - which reported a shortfall of €51m in the same period last year - put the result down to a strong performance by its Irish Life business.
The pensions arm posted an operating profit of €118m for the six-month period, up 40pc on 2009.
Banking business Permanent TSB incurred a €131m loss, however, with arrears in Irish mortgages rising by more than a quarter.
Irish Life and Permanent also confirmed it had submitted a plan to merge with EBS Building Society.
Group chief executive Kevin Murphy said a merger between Permanent TSB and EBS could help create a third force for Irish banking.
But he admitted the group faced difficult months ahead.
"2010 will be a year of change in the Irish financial services market and will continue to be a year of challenge for our businesses," Mr Murphy said.
"For the second half of 2010 the bank is expected to continue to record losses while the life business should continue its recovery."