AIB hit by €900m loss for first six months

MASSIVE losses of €1.5 billion in Ireland – offset by a €€623 million gain from a bond swap in June – left AIB nursing an overall loss of €900m in the six months to June 2009.

Total bad debt write-offs topped €2.3bn against €1.8bn for all of last year and just €137m for the first half of 2008.

The bad debt provision now accounts for 3.58% of average customers’ loans on the bank’s book.