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National Irish Bank posts pre-tax loss of €161m

Bad debts and reduced customer demand the main factors behind increased loss compared to same period in 2010.

Image: Niall Carson/PA Wire

THE DEBT-RIDDEN National Irish Bank, now owned by Danske Bank, has lost more in the first quarter of 2011 than it did in the same period last year.

In Q1 of 2010, NIB recorded a pre-tax loss of €133m – this year it is €161m.

The loss, reported by RTE, is partly due to the bank having to service its bad debts but its operating profits also fell to €11m.

Last year, the National Irish Bank reported €341m of pre-tax losses for the first six months, citing similar reasons as today: “reduced customer demand, the impact of impaired loans and lower deposit margins”.

It ended counter services and stopped handling cash at the end of 2010, instead asking An Post to provide cash services for its customers around the country.

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