NIB bad debt provisioning contributes to €661m losses

MASSIVE bad debt provisioning and a sharp fall in earnings have resulted in annual losses of €661 million at National Irish Bank.

The Danske Bank subsidiary said operating profits fell 42% to €42m in the year to December 31, 2009.

Income fell 13% to €178m and the bank set aside €704m for impairment charges which resulted in the massive end of year loss at the bank.