Menu
11/08/2010
Losses Mount In Banking Sector
The Bank of Ireland has announced pre-tax losses of €1.24bn (£1bn) for the first six months of this year, compared to a loss of €668m in 2009.
The bank, which has plans to cut 750 staff over the next two years, said it had cut costs by 3%.
It has also blamed poor performance in Northern Ireland and said that those figures badly affected the overall results of the UK division.
Their overall underlying profit was wiped out by €1.8bn (£1.4bn) the bank set aside to cope with bad loans.
These losses of €900m (£746m) were also linked to loans it has transferred to the National Asset Management Agency, the Irish Republic's State agency for taking on so-called 'toxic loans'.
However, even excluding the bad loan charges, profits were down 32% to €553m (£458m).
Its UK division - of which the Northern Ireland business is a part - showed a loss of £168m.
Its underlying profit was £107m but there was an impairment charge of £221m.
The underlying profit figure is almost 50% lower than the same period in 2009.
This is the latest bad news from the banking world, with the then biggest loss in the Irish Republic's corporate history revealed last March, just a day after the Daíl approved a new €multi-billion bailout for its troubled financial sector.
Anglo Irish Bank posted a loss of €12.7billion or £11.3billion, mostly because it was forced to write off €15.1billion in bad loans to property developers whose assets it overvalued.
See: Bank Of England Forecast Hits Sterling
(BMcC/GK)
The bank, which has plans to cut 750 staff over the next two years, said it had cut costs by 3%.
It has also blamed poor performance in Northern Ireland and said that those figures badly affected the overall results of the UK division.
Their overall underlying profit was wiped out by €1.8bn (£1.4bn) the bank set aside to cope with bad loans.
These losses of €900m (£746m) were also linked to loans it has transferred to the National Asset Management Agency, the Irish Republic's State agency for taking on so-called 'toxic loans'.
However, even excluding the bad loan charges, profits were down 32% to €553m (£458m).
Its UK division - of which the Northern Ireland business is a part - showed a loss of £168m.
Its underlying profit was £107m but there was an impairment charge of £221m.
The underlying profit figure is almost 50% lower than the same period in 2009.
This is the latest bad news from the banking world, with the then biggest loss in the Irish Republic's corporate history revealed last March, just a day after the Daíl approved a new €multi-billion bailout for its troubled financial sector.
Anglo Irish Bank posted a loss of €12.7billion or £11.3billion, mostly because it was forced to write off €15.1billion in bad loans to property developers whose assets it overvalued.
See: Bank Of England Forecast Hits Sterling
(BMcC/GK)
Related Northern Ireland News Stories
Click here for the latest headlines.
07 December 2021
Bank of Ireland Launches Digital Banking Video Tutorial Series
The Bank of Ireland (BoI) has announced the launch of a new video tutorial series to make digital banking safer and more accessible for customers young and old.
Bank of Ireland Launches Digital Banking Video Tutorial Series
The Bank of Ireland (BoI) has announced the launch of a new video tutorial series to make digital banking safer and more accessible for customers young and old.
17 November 2010
Ireland 'Full Of Blarney' Over Debt Crisis
A former president of the European Parliament has accused the Irish Government of not being fully forthcoming with its citizens and of engaging in "too much spin, delusion and wishful thinking".
Ireland 'Full Of Blarney' Over Debt Crisis
A former president of the European Parliament has accused the Irish Government of not being fully forthcoming with its citizens and of engaging in "too much spin, delusion and wishful thinking".
30 October 2023
Historic Portrush Bank Transformed With £2.5m Investment
Northern Ireland's largest hotel group, Andras Hotels, has invested £2.5 million to restore the former Belfast Banking Corporation building in Portrush. The listed building, originally built in 1898, has been refurbished and converted to serviced apartments and a café bar.
Historic Portrush Bank Transformed With £2.5m Investment
Northern Ireland's largest hotel group, Andras Hotels, has invested £2.5 million to restore the former Belfast Banking Corporation building in Portrush. The listed building, originally built in 1898, has been refurbished and converted to serviced apartments and a café bar.
10 May 2023
Scam Warning As Over £1.2m Lost To Fraud In Just Two Months
More than £1.2 million has been lost to fraud in just the last two months, according to the PSNI. In March, victims of scams lost almost £612,000, followed by losses close to £690,000 in April. Chair of ScamwiseNI Partnership, Chief Superintendent Gerard Pollock said the staggering statistics illustrate how ruthless scammers are.
Scam Warning As Over £1.2m Lost To Fraud In Just Two Months
More than £1.2 million has been lost to fraud in just the last two months, according to the PSNI. In March, victims of scams lost almost £612,000, followed by losses close to £690,000 in April. Chair of ScamwiseNI Partnership, Chief Superintendent Gerard Pollock said the staggering statistics illustrate how ruthless scammers are.
01 April 2019
Rural Banks Face Closure Risks Amid ATM Thefts- SDLP
The theft of cash machines is a crime that has affected many communities in Northern Ireland recently, with an upsurge in the number of ATMs being ripped from the walls of commuercial premises using diggers. An SDLP representative has now warned that banks in rural areas may shut their doors due to a spate of robberies.
Rural Banks Face Closure Risks Amid ATM Thefts- SDLP
The theft of cash machines is a crime that has affected many communities in Northern Ireland recently, with an upsurge in the number of ATMs being ripped from the walls of commuercial premises using diggers. An SDLP representative has now warned that banks in rural areas may shut their doors due to a spate of robberies.
-
Northern Ireland WeatherThis Evening and Tonight:Cloudy and patchy light rain will slowly clear away this evening. Then the rest of the night will be dry with broken cloud. Westerly winds freshening in the early hours. Minimum temperature 6 °C.
