Wednesday 17 January 2018

KBC Bank Ireland profit surges to €44.4m as firm adds 50,000 new accounts in 2016

Chief executive Wim Verbraeken said he is happy with KBC results
Chief executive Wim Verbraeken said he is happy with KBC results
Michael Cogley

Michael Cogley

Profits at KBC Bank Ireland has surged by nearly €20m to €44.4m in the three months to the end of September.

So far this year KBC has added 49,900 customer accounts as the bank targeted students with a €100 incentive for opening a new current account.

Operating profits slid to €17.1m down from €33.9m in the same period last year.

Over the last twelve months KBC has moved to reduce its amount of impaired loans, falling by 13pc, or €900m.

Groupwide profits rose at the bank by €29m to €629m. Its Irish arm also moved to lower its fixed and variable mortage rates for both new and existing mortgage customers.

The deposit base rose by €300m to €5.3bn across both its retail and corporate sectors.

KBC Bank Ireland chief executive Wim Verbraeken was pleased to report "strong profitability" across all areas of the business.

"Looking ahead, we remain firmly focused on meeting customers’ needs for innovative, competitively priced banking products and growing market share across our business.

“It is encouraging to note our significant progress in offering resolutions to some 95pc of our distressed customers," he said.

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