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NIB (Danske) loan losses ease

Tuesday, October 30 07:46:50

National Irish Bank has reported an operating loss of E8m for the nine months to the end of September. This compares to operating profits of E32m the same time last year. Costs rose by 44pc to E102m due to the expenses associated with the reorganisation of the bank's retail business announced in June.

The bank said then than it would cut more than 100 jobs and close its network of 27 branches nationwide. Customers will be served through nine 'personal banking centres'. The bank, which is owned by Danske Bank, said it was putting aside E578m for loan impairment charges, down 9pc on the same time last year. But the bank said the quality of its E3.2 billion mortgage loan book remained ''satisfactory''.

The bank's country manager, Terry Browne, said its performance during the first nine months of the year 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,'' he added.