NIB losses grew in 2011
Published 09/02/2012 | 10:50
NATIONAL IRISH BANK has reported bigger losses for the year to the end of December, as it continues to set aside money to cope with potential loan losses.
The Danske Bank-owned institution said its pre-tax losses for 2011 hit €805m and it €850m for loan impairment charges.
In 2010, NIB reported pre-tax losses of €618m in 2010, when it had set aside €667m for bad debts.
The bank said that income fell by 13pc to €141m due to reduced customer demand and the impact of impaired loans.
But costs also fell and were down 15pc to €96m, on the back of the bank's restructuring programme.
Its operating profits, before impairment charges, for the year came to €45m, down 7pc on the previous year.