Bank chief quits as results released

KBC chief executive John Reynolds resigned on the same day as the bank announced it is significantly increasing bad loan provisions for the year.

In a sign the Belgian-owned bank has accelerated its attempts to work through its troubled loans, it has significantly increased the amount of bad debt provisions it will incur this year.

In its results presentation, it said it has reassessed its entire Irish loanbook in view of the EU-wide bank stress tests scheduled for 2014 and the Central Bank’s guidelines on dealing with mortgage arrears, issued earlier this year.