Sunday 22 January 2017

NIB losses grew in 2011

Independent.ie reporters

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.

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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.

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