independent

Sunday 20 April 2014

Losses at KBC Ireland top €300m

LOSSES at KBC Bank Ireland widened last year to €306m.

Preliminary results show that the bank, owned by Belgian lender KBC, had loan impairment costs of €547m, up from €510m the year before.

Its overall loan portfolio fell to €16bn from €16.7bn in 2011.

Chief executive John Reynolds said he believed increasing economic stability would lead to more sustainable conditions this year.

The bank said that the pace of increase in commercial and residential mortgage arrears and non-performing loan levels continued to slow last year.

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