KBC Bank Ireland losses slow to €17.1m

KBC Bank Ireland reported a loss of €17.1m after tax and impairment costs for Q1 2014, compared to a loss of €46.4m for the same period in 2013, it was announced today.

KBC Bank Ireland losses slow to €17.1m

KBC Bank Ireland reported a loss of €17.1m after tax and impairment costs for Q1 2014, compared to a loss of €46.4m for the same period in 2013, it was announced today.

The bank had loan impairment costs of €47.9m for Q1 2014, compared to €99m for the same period in 2013.

KBC Bank Ireland announced total retail deposits now at €3.1bn (up by €0.2bn since year end 2013) and with over 9,000 customer accounts added in Q1 2014.

KBC Bank Ireland progressed its retail expansion in Q1 2014, with the opening of a new banking hub at Grand Canal Plaza, Dublin 2 and this expansion will continue with the acquisition of five new sites in Dublin.

KBC Group ended the first three months of 2014 with a net profit of €397m, compared with a net loss of €294m in the previous quarter and a net profit of €520m in the same period last year.

After excluding "the impact of the legacy business (CDOs, Divestments) and the valuation of own credit risk", adjusted net profit amounted to €387m for the first quarter of 2014, compared with a loss of €340m in the last quarter of 2013 and a profit of €359m the first quarter of 2013.

Commenting on the financial results, Wim Verbraeken, chief executive of KBC Bank Ireland said: "We are satisfied with our performance over the first few months of the year, as we continue to expand our retail banking presence.

"The financial results and impairments are in line with our expectations and we remain on track to return to profit by 2016.

"We opened a flagship retail banking hub in Grand Canal Plaza, the heart of the financial and IT district in Dublin.

"We are recruiting for new positions this year across a range of professions to drive forward with our expansion plans.

“With the continued strength and support of our shareholder KBC Group and our focus on responsive customer service and innovation through an efficient and cost effective banking model, we are well positioned to acquire new customers across our competitive current account, credit card, savings, mortgage and insurance product ranges.”

KBC Bank Ireland employs more than 800 people in Ireland with retail banking hubs in Dublin, Cork, Limerick and Galway.

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