NIB profits up 90%

National Irish Bank has announced operating profits of €21m, a 90% increase on the same period for last year.

The rise in profits can be accounted for by a 12% rise in income to €52m and a 13% fall in costs to €31m.

The bank has also set aside €198m in this period for loan loss impairments.

Andrew Healy, CEO, National Irish Bank said: "Our operating performance is robust and our focus on cost management is working well. However, given the further deterioration in economic conditions, we have again this quarter set aside a substantial amount for potential loan losses.

"We are fortunate in these difficult times to be part of Danske Bank Group, a strong, well capitalised and supportive parent."

The Danske Bank Group showed a net profit of €0.2bn, down from €0.3bn in 2008.

The group's income went up 67% to €2.3bn from €1.4bn last year with €1.1bn set aside for loan loss impairments.