Technology investment hits National Irish Bank profits

National Irish Bank today announced results for the quarter ended March 31, which were published as part of Danske Bank Group’s first quarter results.

The bank said total lending increased by 47% on the equivalent period in 2005. Mortgage lending for the period increased by 40% with more than 60% of new business in the quarter coming from customers of other banks who switched to National Irish Bank, the bank said today.

In line with expectations, a pre-tax loss of €5m was reported for the quarter, reflecting the heavy costs associated with the bank’s integration onto the Danske Bank Group’s technology platform.

The change programme was completed on target over the Easter weekend when National Irish Bank launched a range of new products to personal and business customers in Ireland.