IIB profits increase by 10% to €137m

AFTER-TAX profits at IIB Bank grew by 10% to €137 million last year as lending growth cooled.

The bank, which is the Irish unit of KBC, Belgium’s second largest financial services company, said mortgage lending increased 14% in 2007, compared with 24% a year earlier.

Overall lending gained 11% to €17 billion, less than half the 25% rate recorded in 2006.