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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.
(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.
(BMcC/GK)
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