KBC Ireland reverses loss to make €16.2m profit in first three months of the year
KBC Bank’s Irish arm has reported a profit of more than €16m after tax for the first three months of the year.
KBC Ireland recorded an operating profit of €26.1m before tax and impairment costs for the first quarter of 2015 and a profit of €16.2m after tax.
This compared to a loss of €17.1m for the same period the year before.
The bank also added 15,000 new customers in the period and saw its mortgage business increase its market share to 12pc.
The organisation has now seen a 23pc reduction in the number of mortgage arrears cases since December 2013, it said in a statement.
As a whole KBC Group ended the first quarter of 2015 with a net profit of €510m, compared with €473m in the last quarter of 2014 and €347m in the first quarter of 2014.
Commenting on the results KBC Ireland chief executive Wim Verbraeken said: “We previously indicated that the Bank is on track to return to profit by 2016 and we are pleased with our progress so far.
“However, we are still in expansion mode and this growth requires continued investment in new retail banking hubs and digital platforms to ensure we offer superior service and innovation for customers.