KBC profits climb to €18m as mortgage share grows

KBC Bank Ireland has reported a profit after tax and impairment costs of €18m and increased its share of the mortgage market to 15% in the second quarter of the year.

The bank’s results show a stabilisation in its finances driven by an improving impairment situation and mortgage growth. KBC had loan impairment costs of €16m in the second quarter of 2015 compared to €62m for the same period of last year.

The full-year outlook on impairments has also improved with guidance narrowed to the lower end of the bank’s previous €50m — €100m guidance. Turning a profit of €18m is also a significant achievement given the €34m loss recorded for the same period last year.