PROFITS AND INCOME have dropped at National Irish Bank which has this morning reported a pre-tax loss of €805 million.
The bank, which is owned by Danske Bank, set aside for €850 million for loan impairment charges, most of which were for commercial property loans.
The bank’s total loan book was €8.6 billion, down 9 per cent on the previous year. Commercial property accounted for €3.1 billion of this.
The bank said that the quality of its €3.3 billion mortgage book remained ‘satifactory’.
Operating profit at NIB was down 7 per cent to €45 millionin 2011. During the same period income dropped 13 per cent to €141 million.
The CEO of National Irish Bank Andrew Healy said that last year had been “another challenging year”.
“Impairment charges remained disappoingly high due primarily to continued falls in property values,” he said.
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