NIB first-half losses largely unchanged at €401m

First-half losses at National Irish Bank remained largely unchanged — at €401m — this year, but its loan impairment charges fell by nearly €30m compared to the same period last year.

The Danish-owned NIB set aside €391m to cover underperforming loans, during the first six months of this year. That figure was down from €420m for the same period in 2011, and mainly covered commercial property loans.

Before impairments, operating losses amounted to €10m. Total income fell 6% to €64m. Net interest income fell from €61m to €56m on a year-on-year basis.