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30/10/2012
NIB Reports €586m Loss
The National Irish Bank has announced a loss of €586 million for the 9 months to the end of September 2012.
Income fell 9% to €94 million due to continued reduced customer demand, however non-interest income rose by 20% to €13 million. Costs rose by 44% to €102 million, reflecting a one off provision for costs associated with the reorganisation of the Bank's retail business announced in June.
The Bank’s total loan book was €7.3 billion. Loan impairment charges of €578 million were set aside, and reflect a 9% reduction year-on-year.
Commenting on the results, Terry Browne, Country Manager, Republic of Ireland, said: "The Bank's performance during the first nine months of 2012 was in line with expectations given the challenging economic conditions. Impairment levels remain high, but are lower than in previous quarters this year and remain concentrated in our commercial property book.
"The coming weeks will mark the beginning of a new era for National Irish Bank as we change our name to that of our parent, Danske Bank. Not only is the name of the Bank changing, but we will also change the way we do business to maximise Group best practice and technology capabilities."
(CD/GK)
Income fell 9% to €94 million due to continued reduced customer demand, however non-interest income rose by 20% to €13 million. Costs rose by 44% to €102 million, reflecting a one off provision for costs associated with the reorganisation of the Bank's retail business announced in June.
The Bank’s total loan book was €7.3 billion. Loan impairment charges of €578 million were set aside, and reflect a 9% reduction year-on-year.
Commenting on the results, Terry Browne, Country Manager, Republic of Ireland, said: "The Bank's performance during the first nine months of 2012 was in line with expectations given the challenging economic conditions. Impairment levels remain high, but are lower than in previous quarters this year and remain concentrated in our commercial property book.
"The coming weeks will mark the beginning of a new era for National Irish Bank as we change our name to that of our parent, Danske Bank. Not only is the name of the Bank changing, but we will also change the way we do business to maximise Group best practice and technology capabilities."
(CD/GK)
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Ireland WeatherThis Evening and Tonight:Dry start with clear spells. Cloud increasing from west from late evening, perhaps bringing some patchy rain to the far west towards dawn, but most staying dry. Strengthening southerly winds. Minimum temperature 1 °C.
