Wednesday 26 September 2018

Ireland contributes €57m to KBC profit

Ellie Donnelly

Ellie Donnelly

Irish operations at KBC Bank contributed €57m to the groups profit of €556m in the first quarter of 2018.

During the period the bank benefited from the release of €63m in provisions previously set aside for bad loans, €43m of which was in respect of Ireland, the bank said in a trading update today.

The bank said that the release came about mainly because of the increase in house prices and, to a lessor extent, an improved portfolio performance.

Overall the bank’s international business generated a profit of €137m, an 85pc increase on the previous quarter.

The bank said that the improved performance related primarily to Ireland "where the previous quarter’s result had been negatively impacted by additional provisioning of €61.5m for an industry wide review of the tracker mortgages originated before 2009."

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