KBC expects profit by 2016

KBC Ireland remains confident of turning a profit by 2016 despite reporting a second-quarter loss of €34m after tax and impairment costs yesterday.

Loan impairment costs of €62m contributed heavily to the bank’s overall losses despite falling by 30% compared with the same period last year.

Commenting on the mid-year results, KBC Ireland chief executive Wim Verbraeken said the results and impairments were in line with expectations. The bank maintained its prediction of a return to profitability by 2016.