IRISH lender National Irish Bank has reported a massive pre-tax loss of €468m for the nine months to the end of September.
But the bank, which is owned by Danske Bank, said it had put €504m aside for provisions for bad debts.
This figure is €40m less than the same time last year.
NIB's CEO Andrew Healy said that the economy and conditions in the banking market continue to be very difficult.
"Our priority is the implementation of our restructuring programme, which is on track to complete by the end of the year," he said. "We've taken early and decisive action to reduce our costs and reposition National Irish in a banking market that is undergoing massive change.
"Loan impairments remain at elevated levels, though we believe they peaked in the first half of this year."
Danske Bank reaffirmed its long-term commitment to the Irish market.
Operating profits, before charges for impaired loans, for the nine-month period were down 25pc to €36m. The bank said that income in the nine-month period was down 11pc to €124m due to reduced customer demand, the impact of impaired loans and lower deposit margins. Costs at National Irish Bank fell by 3pc to €88m due to the bank's restructuring programme, though the full benefits of this will not be seen until next year.
Earlier this year, the bank revealed that it would no longer handle cash transactions and agreed a new partnership deal with An Post to offer cash services to its customers.