IIB Bank profits rise 9% to €57.8m
The after-tax profits for 2002 indicate a return on equity of 21% for the institution which is owned totally by KBC Bank and Insurance Group. The KBC Group, headquartered in Brussels, is one of Europe’s key independent financial groups with assets in excess of €230 billion.
IIB Bank said it continues to strengthen its operations. Commenting on the annual results, IIB chief executive Ted Marah said: “In an increasingly challenging business climate where the economies in which we operate saw some weakening, IIB Bank had a very satisfactory year in 2002, continuing year-on-year unbroken growth since the foundation of the bank 30 years ago. During 2002 solid progress was made across all divisions and I am pleased to report that a very encouraging start has been made in 2003.”
