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KBC Bank says it won't sell Irish unit

Monday, October 08 15:09:30

Belgian banking group KBC said today that it was not an option to sell its Irish business KBC Bank Ireland, a largely non-retail bank with a sizeable residential mortgage business.

"It is presently not an option to sell our Irish business," Chief Executive Johan Thijs told a press conference today.

KBC recorded 136 million euros in loan loss provisions in its Irish business during the second quarter, down from 195 million in the first quarter.

KBC's previous statement on earnings - back in November of last year, said that the bank made a E110 million post-tax loss in the first nine months of 2011 and is set to see impairment charges grow by about E400m up to May of this year.

KBC Bank Ireland's loss was driven by an impairment charge of E187m for under-performing loans in the third quarter and a charge of E282m for the first nine months (up year-on-year from E223m).

Before impairment, the company made a profit of E172m for the period.

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