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  • KBC sets aside €195m for loan losses
Uncategorized
May 10, 2012 - 16:03

KBC sets aside €195m for loan losses

The MyHome Newsdesk
By The MyHome Newsdesk
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KBC sets aside €195m for loan losses

Belgian bank KBC has set aside €195 million in loan loss provisions for its Irish division in the first quarter of 2012.

This compares to loan-loss provisions of €228 million for the previous three-months.

Loan-loss impairment stood at €261 million in the first quarter, compared to €97 million for the same period a year ago but significantly down on the €599 million recorded in the previous quarter.

In it latest quarterly figures, the bank said it injected €75 million into its Irish business during the quarter as residential mortgage arrears worsened.

Total non-performing loans increased to 20.5% at the end of March, it said with non-performing loans that are more than 90 days overdue rising to 14.8%.

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The group kept its guidance for total Irish loan-loss provisions of between €500 million and €600 million for the full-year.

The group announced better-than-forecast underlying profits for the first quarter. KBC reported a net profit of €380 million for the quarter as against a net profit of €437 million in the preceding three-months and €821 million in the same quarter a year ago

Underlying net profit fell 31 per cent in the first quarter to €455 million.

KBC chief executive Johan Thijs said: "The quarter was characterised by low levels of impairment. However, the result was also affected by additional loan loss provisioning in Ireland, as well as by the additional and final losses recorded on our Greek government bond position," he added.

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  • Tags
  • bank
  • Belgian
  • chief executive
  • Greek government bond position
  • impairment
  • Irish division
  • Johan Thijs
  • KBC
  • loan loss provisions
  • non-performing loans
  • overdue
  • residential mortgage arrears
The MyHome Newsdesk
By The MyHome Newsdesk
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