NIB pre-tax losses fall significantly in Q1

NATIONAL Irish Bank (NIB), which announced plans to close 25 of its 58 branches in December 2009, yesterday reported pre-tax losses fell significantly in the first quarter of 2010. In the period under review the group’s losses amounted to €133 million before tax down from €177m in the same period last year.

Operating profits for the first three months of the year fell by 38% to €13m as income fell 19% to €42m.

It blamed lower demand and lower deposit margins for the declines.