KBC Bank Ireland reduces losses

KBC Bank Ireland has reported a loss (after tax and impairment costs) of €34m for the second quarter of this year.

KBC Bank Ireland reduces losses

KBC Bank Ireland has reported a loss (after tax and impairment costs) of €34m for the second quarter of this year.

It compares to a loss of €38m in the same quarter of last year.

The bank has also reported that their retail deposits went up to €3.2bn with more than 20,000 new customer accounts added in the first half of 2014

Wim Verbraeken, Chief Executive of KBC Bank Ireland said: "We are satisfied with our performance over the first half of the year, as we continue to grow our retail banking presence. The financial results and impairments are in line with our expectations and we remain on track to return to profitability by 2016.

"We advanced our strategic objectives through the delivery of an enhanced mobile banking offering, the opening of new hubs in Dublin and the launch of new products including a competitive credit card to complement our current account. We continue to recruit for new positions this year across a range of professions with over 100 professionals joining the Bank so far to drive forward our expansion plans."

KBC Bank Ireland employs more than 900 people in Ireland with retail banking hubs in Dublin, Cork, Limerick and Galway.

KBC Group ended the second quarter of 2014 with a net profit of €317m, compared with €397m in the previous quarter and €517m in the second quarter of 2013.

After excluding the impact of the legacy business (CDOs, divestments) and the valuation of own credit risk, adjusted net profit came to €287m for the second quarter of 2014, compared with €387m in the first quarter of 2014 and €485m in the second quarter of 2013.

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