Wednesday 26 October 2016

KBC Bank Ireland swings to €75m profit in 2015

Published 18/02/2016 | 08:41

KBC chief Wim Verbraeken with Jobs Minister Richard Bruton
KBC chief Wim Verbraeken with Jobs Minister Richard Bruton

KBC Bank Ireland reported a huge upturn in its fortunes last year after it reported a profit after tax of €75m off the back of a €91m loss in the previous year.

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Last year KBC Bank Ireland reported operating profits of €119m and loan impairment costs of €48m.

In Ireland the bank attracted 74,000 new customers with strong growth reported in the bank's mortgage business.

The bank's deposit deposit acquisition also continued to grow, with deposits now at €5.1bn, which compares to €4bn end 2014.

Chief executive of KBC Bank Ireland, Wim Verbraeken, said the firm was satisfied by its performance last year.

"By continuing to invest in our digital channels, expand our physical network and develop competitive products, KBC attracted over 74,000 new customer accounts in 2015.

"This is a significant achievement just three years after becoming Ireland’s newest retail bank, demonstrating that KBC knows the market and understands customers’ banking needs right across current account and deposits, mortgages and loans, investments, credit card and insurance," he said.

Mr Verbraeken continued, saying that the bank was committed to working closely with customers in financial difficulty.

KBC Bank Ireland employs over 1,000 people in Ireland with retail banking hubs in Dublin, Cork, Galway, Limerick, Kildare, Waterford, Wicklow and Kilkenny.

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