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KBC Ireland losses narrow to E34m in Q2

Thursday, August 07 10:42:38

KBC Bank Ireland this morning posted an after-tax loss of E34m for the second quarter of the year compared to a loss of E38m in the same period in 2013.

It continued its successful retail deposit acquisition with total retail deposits now at E3.2 billion (up from E2.7 billion since year end 2013) and with over 20,000 customer accounts added for the first half of the year.

KBC Bank Ireland sustained its planned retail banking expansion with the opening of new additional hubs in Dublin at Grand Canal Plaza, Swords and Stillorgan and plans the acquisition of more new sites in Dundrum and Maynooth.

The bank recruited 100 new staff in the first half of the year with a further 80 new positions planned by year end.

It recently launched a new current account offer giving new customers who open a KBC Current Account a 0.2pc discount on KBC's new mortgage rates. This comes in addition to the preferential savings rate that new current account customers can already avail of. To accommodate customers wishing to switch from other banks, the Bank introduced a new credit card to complement its competitive current account. It said it has seen an increase in mortgage applications activity in Q2 "in line with market growth".

Commenting on the financial results, Wim Verbraeken, Chief Executive said "We are satisfied with our performance over the first half of the year, as we continue to grow our retail banking presence. The financial results and impairments are in line with our expectations and we remain on track to return to profitability by 2016. We advanced our strategic objectives through the delivery of an enhanced mobile banking offering, the opening of new hubs in Dublin and the launch of new products including a competitive credit card to complement our current account. We continue to recruit for new positions this year across a range of professions with over 100 professionals joining the Bank so far to drive forward our expansion plans."

"With the continued strength and support of our shareholder KBC Group and our focus on responsive customer service and innovation, we are well positioned to acquire new customers, providing them with a compelling retail banking offering," he added.

KBC Bank Ireland employs over 900 people in Ireland with retail banking hubs in Dublin, Cork, Limerick and Galway.

For more visit: www.businessworld.ie