NIB announces increase in operating profits
National Irish Bank has announced a 6% increase in operating profit to €48m for the nine months ended September 2009.
Income was down 4% to €139m, with €544m set aside for loan impairment charges.
Than bank also announced that it has decreased its costs by 8% to €91m.
Parent company Danske Bank Group announced a 97% increase in operating profit to €3.2bn, with income rising 48% to €6.2bn.
A total of €2.8bn set aside for loan impairment charges. Core (Tier 1) capital and Solvency ratios were 12.6% (10.0% in Q3 2008) and 16.3% (13.9% in Q3 2008)
Commenting on the results, Andrew Healy, CEO of National Irish Bank and member of Danske Bank Group’s executive committee said: "National Irish Bank’s results are in line with expectations against the background of extremely difficult economic and market conditions.
"Reflecting strong cost management, operating profit increased 6%, but loan impairments continue at high levels.
"There are signs of economic recovery internationally but Ireland is still in deep recession and has some way to go before turning the corner.
"Our priorities in this environment are to continue to work closely with our customers through the challenges they face and to manage our costs. We are fortunate to be part of Danske Bank, a strong, well capitalised European banking group who are committed to Ireland."
