KBC Ireland ‘disappointed’ as 2010 losses hit €177m

KBC Ireland, the Belgian-owned Irish bank, reported losses of €177m last year compared to profits of €92m in 2009.

Loan loss provisions rose to €525m for its commercial and residential mortgage lending portfolio for the year, substantially ahead of the €176m incurred in the previous year.

KBC described the loss, which also takes tax charges into account, as “disappointing.”