Losses rise to €306m as arrears ‘stabilise’

Belgian-owned KBC Bank reported losses after tax and impairments of €306m for 2012, which is up from €269m the previous year, although the bank says the mortgage arrears problem is stabilising.

The tier one capital position was a healthy 11.14% at the end of December.

The deposit base grew to €2.1bn with an additional 22,000 customers signing up. The cost as a proportion of operating income was 27%, compared with 23% in 2011.