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News : Irish Last Updated: Feb 9, 2012 - 9:21 AM

National Irish Bank's losses and deposits rose in 2011
By Finfacts Team
Feb 9, 2012 - 9:18 AM

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Danske Bank Group today announced its financial results for the twelve months to 31 December 2011. Profit before tax was down 35% to €566m. Irish unit, National Irish Bank, reported an operating profit before impairment charges of €45m, a decrease of 7% on last year. Income fell 13% to €141m due to reduced customer demand and the impact of impaired loans. Costs fell by 15% to €96m, driven by the Bank’s restructuring programme. Bad debt provisions rose to €850m, leading to a loss before tax of €805m compared with €618m in 2010.

National Irish Bank’s total loan book was €8.6bn, down 9% on last year. Commercial property loans amounted to €3.1bn, with most of the Bank’s loan impairment charges in this area. NIB said the quality of the Bank’s €3.3bn mortgage book remained satisfactory.

Deposit growth remained strong with average deposit levels increasing by 21%.

Commenting on the results, Andrew Healy, CEO, National Irish Bank said: “2011 was clearly another challenging year. Impairment charges remained disappointingly high due primarily to continued falls in property values. That said, we’re making progress in implementing our strategic plan. With a further 15% reduction in costs last year, total cost savings from our restructuring programme now amount to 29%. And deposits have continued to perform well.

We have refined our customer strategy for what is now a very changed market. In 2011 we invested in our Corporate and Private banking divisions where our people and technology strengths have helped us to win some good new business.  We’ll focus on developing these business lines further as we move forward.

We believe the changes we have made to our business create a good platform for growth. With the strong support of our parent, Danske Bank Group, we look forward to playing an important role in Ireland's new banking landscape.”

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