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Article: NIB hit by massive loan blow.(Business)
- Article from:
- Daily Mail (London)
- Article date:
- November 4, 2009
CopyrightCOPYRIGHT 2009 Solo Syndication Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Joe Downes
A HUGE write-down of more than half a billion euro has driven National Irish Bank into substantial losses for the nine months to September.
The bank, owned by Denmark's Danske Bank, has set aside E544m in loan impairment charges, pulling its pre-tax loss for the period to E496m.
It reported a 6pc rise in operating profit to E48m, but a 4pc fall in income to E139m. Costs were down by 8pc to E91m.
Deposits grew 26pc from the same period a year earlier as corporate deposits rose 85pc and retail deposits fell 18pc.
Unsurprisingly, most of the bad loan impairments were in the bank's commercial property book.
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