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Profits dive at KBC Bank Ireland

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KBC CEO Peter Roebben

KBC CEO Peter Roebben

KBC CEO Peter Roebben

KBC Bank Ireland has reported net profit after tax and impairments of €32.3m for last year.

This is down massively on the €162m in profit reported in 2018.

The bank’s performance last year was impacted by an exceptional loss of €11m relating to the sale of a legacy loan portfolio in the first half of 2019.

By the end of year the bank’s stock of bad loans had reduced 32pc to €1.65bn, bringing its non-performing loan ratio to 16.4pc, according to annual results from the group.

KBC Ireland had €1.2bn in new mortgage lending last year, the strongest year since the launch of its retail bank in 2013.

Its share of the mortgage market here increases to 11.8pc in 2019 from 10.8pc the prior year.

Meanwhile, the bank’s total number of customers increased 6pc to 303,000.

Peter Roebben, chief executive of KBC Bank Ireland, said: “Irish consumers want more from their bank, more convenience, value and transparency.

At KBC Bank Ireland we are focused on transforming how banking is done and we recognise the opportunity to deliver more for consumers and we will continue to set the pace of innovation in the Irish Market.”

Meanwhile, KBC Group generated a net profit of €2.5bn for the year.

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