KBC Bank Ireland reports €18m profits in Q2

KBC Bank Ireland has reported a profit of €18m after tax and impairment costs for the second quarter of 2015.

The bank, which employs around 1,000 people in Ireland, posted a loss of €34m in the same period in 2014.

The bank had loan impairment costs of €16m for Q2 2015, compared to €62m for the same period in 2014.

KBC Group ended the second quarter of 2015 with a net profit of €666m, compared with €510m in the previous quarter and €334m in the second quarter of 2014.

KBC Bank Ireland deposits are now valued at €3.8bn and over 31,500 customer accounts added for the first half of the year.

Commenting on the financial results, Wim Verbraeken, chief executive of KBC Bank Ireland said: "The financial results and impairments are in line with our expectations and we remain on track to return to full year profitability by 2016, so our guidance remains the same as previously stated.

"We continue to invest significantly in our retail expansion, opening three new hubs in Wilton, Greystones, and our flagship interactive hub in College Green, bringing our total network to 15.

"We also launched a new responsive website and mobile app, making personal banking even easier for our customers on the go.

"With a good geographical spread of hubs in high-footfall locations and a full suite of competitive products bedded down, our focus is on promoting these products to new and existing customers.

"The momentum of our mortgage business remains strong, driven by our compelling offering and promotions, and better market conditions.

"Our retail deposit acquisition continued its strong growth in Q2 and customers are responding well to our current account, with special rates on savings, personal loans and mortgages.

"With 31,500 new customer accounts opened this year and many others with us longer term, we appreciate the loyalty of all our customers.

"With the ongoing support and strength of our shareholder KBC Group and our focus on competitive products, offers and innovation, we are well positioned to further grow our customer base in 2015."