Sunday 25 September 2016

KBC Ireland reverses loss to report €25m third quarter profit

Paul O'Donoghue

Published 16/11/2015 | 07:50

KBC Ireland chief executive Wim Verbraeken
KBC Ireland chief executive Wim Verbraeken

KBC Bank Ireland has reported a third quarter profit of €25m after tax and impairment costs, reversing the €14m loss it made during the same period in 2014.

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The bank had loan impairment costs of €9m for the third quarter of the year, compared to €47m for the same period in 2014.

Overall KBC made a €600m profit during the third quarter of the year compared with €666m in the previous quarter and net profit of €608m in the third quarter of 2014.

KBC Ireland said its deposits are now at €5bn, a growth of €200m over the last quarter.

The lender also said a it had a 20pc reduction in the number of mortgage arrears cases in the first nine months of 2015 compared to the same period in 2014.

It said its mortgage business has achieved a 14.2pc market share in the year to date.

KBC Ireland chief executive Wim Verbraeken said: “The financial results and impairments are in line with our expectations and we remain on track to return to full year profitability by 2016, so our guidance remains the same as previously stated”.

“We adopted a strategy three years ago to become Ireland’s newest retail bank with a full suite of competitive products and a clear focus on digital distribution channels supported by a light physical network.

"We are extremely pleased to see that our strategy is working, and with the significant progress we have made."

KBC Bank Ireland employs almost 1,100 people in Ireland with retail banking hubs in Dublin, Cork, Galway, Limerick, Kildare, Waterford, Wicklow and Kilkenny.

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