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05/08/2009
Irish Bank Losses Rising
Northern Ireland's First Trust Bank has lost £41m, according to the latest financial statement.
The report also detailed how this led to a £28m loss at the parent company Allied Irish Bank group's UK operation.
AIB in The Republic has also reported a pre-tax loss of €872m for the first six months of its financial year.
AIB, trading as First Trust in Northern Ireland, said its "asset quality deteriorated further, mostly in its property portfolios".
The bank said it making more money through lending due to the "re-pricing of customer loans to reflect market conditions."
AIB said its operating environment continues to be extremely difficult and added that First Trust's operating profit, before provisions, was £50m for the first half of 2009.
However, its loss before taxation was £41m because it has had to set aside £91m for loans it doesn't expect to be repaid.
It said this reflected the "deteriorating conditions in the Northern Ireland economy."
Net interest income was 16% lower than the same period last year reflecting a combination of lower interest rates and increased competition.
There have already been cut-backs. Staff costs at First Trust have fallen by 13% in past six months which the bank said is due to a reduction in staff numbers along with a freeze on pay increases and "a strong focus on discretionary expenditure."
HSBC and Barclays in Britain were able to get a boost from buoyant investment bank earnings in their recent figures, but Allied Irish did not, with its revenues from asset management, investment banking and wealth management all down.
Meanwhile, one of the UK's other top banking groups, Lloyds has today announced losses of £4 billion in the first six months of this year.
The bank, which was part-nationalised, has identified the large number of bad debts at HBOS, which it took over in September 2008, has a factor in the huge losses.
See: Lloyds Announces £4 Billion Loss
(BMcC/KMcA)
The report also detailed how this led to a £28m loss at the parent company Allied Irish Bank group's UK operation.
AIB in The Republic has also reported a pre-tax loss of €872m for the first six months of its financial year.
AIB, trading as First Trust in Northern Ireland, said its "asset quality deteriorated further, mostly in its property portfolios".
The bank said it making more money through lending due to the "re-pricing of customer loans to reflect market conditions."
AIB said its operating environment continues to be extremely difficult and added that First Trust's operating profit, before provisions, was £50m for the first half of 2009.
However, its loss before taxation was £41m because it has had to set aside £91m for loans it doesn't expect to be repaid.
It said this reflected the "deteriorating conditions in the Northern Ireland economy."
Net interest income was 16% lower than the same period last year reflecting a combination of lower interest rates and increased competition.
There have already been cut-backs. Staff costs at First Trust have fallen by 13% in past six months which the bank said is due to a reduction in staff numbers along with a freeze on pay increases and "a strong focus on discretionary expenditure."
HSBC and Barclays in Britain were able to get a boost from buoyant investment bank earnings in their recent figures, but Allied Irish did not, with its revenues from asset management, investment banking and wealth management all down.
Meanwhile, one of the UK's other top banking groups, Lloyds has today announced losses of £4 billion in the first six months of this year.
The bank, which was part-nationalised, has identified the large number of bad debts at HBOS, which it took over in September 2008, has a factor in the huge losses.
See: Lloyds Announces £4 Billion Loss
(BMcC/KMcA)
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23 February 2017
First Trust To Close 15 Branches In NI
Over 100 jobs are at risk after First Trust Bank confirmed it is to close 15 branches in Northern Ireland. First Trust, which is owned by AIB in Dublin, said the closures had been a "difficult decision". Head of First Trust Bank, Des Moore, said the bank has seen a 40% decline in branch usage since 2010.
First Trust To Close 15 Branches In NI
Over 100 jobs are at risk after First Trust Bank confirmed it is to close 15 branches in Northern Ireland. First Trust, which is owned by AIB in Dublin, said the closures had been a "difficult decision". Head of First Trust Bank, Des Moore, said the bank has seen a 40% decline in branch usage since 2010.
29 January 2002
Seminar promotes effective risk management strategies
Delegates at the recent First Trust Bank business seminar, held at the Culloden Hotel, heard that effective risk management is just as important as managing sales, manufacturing and other areas of business life.
Seminar promotes effective risk management strategies
Delegates at the recent First Trust Bank business seminar, held at the Culloden Hotel, heard that effective risk management is just as important as managing sales, manufacturing and other areas of business life.
30 August 2001
First Trust Bank announces £10m investment in branch network
The First Trust Bank has announced a £10 million investment in its branch network over the next three years, including a £3 million super branch in Belfast. The investment will involve a major building and refurbishment programme across First Trust’s network and includes a new state-of-the-art branch at High Street.
First Trust Bank announces £10m investment in branch network
The First Trust Bank has announced a £10 million investment in its branch network over the next three years, including a £3 million super branch in Belfast. The investment will involve a major building and refurbishment programme across First Trust’s network and includes a new state-of-the-art branch at High Street.
24 September 2019
NI Banknotes To Be Withdrawn From Circulation
All Northern Ireland paper £5 and £10 banknotes are set to be withdrawn from circulation in the next week. The public are urged to spend or exchange any paper Bank of Ireland, Danske Bank or Ulster Bank notes they have in advance of the 30 September deadline.
NI Banknotes To Be Withdrawn From Circulation
All Northern Ireland paper £5 and £10 banknotes are set to be withdrawn from circulation in the next week. The public are urged to spend or exchange any paper Bank of Ireland, Danske Bank or Ulster Bank notes they have in advance of the 30 September deadline.
27 May 2002
First Trust Call Centre in Belfast wins top award
First Trust Bank’s Call Centre, based at its headquarters in Belfast, was celebrating recently, as it became the first company - and bank - in the United Kingdom to achieve the Qualicert Service Certification.
First Trust Call Centre in Belfast wins top award
First Trust Bank’s Call Centre, based at its headquarters in Belfast, was celebrating recently, as it became the first company - and bank - in the United Kingdom to achieve the Qualicert Service Certification.
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