The Irish operation of KBC bank has reported losses of €40m for the first three months of the year following on from a loss of €766m for the last three months of 2013, due mainly to its residential loan book.

KBC Ireland made an after-tax loss of €77m for the first three months of the year, compared with a €148m loss for the same period last year. Loan loss provisions for the quarter were €99m compared with €195m for the first three months of 2012.