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  • Irish loan losses could rise – KBC

    KBC set aside €49m for potential loan losses in its Irish subsidiary KBC Ireland in the second quarter of 2011.

    Belgian bank KBC has set aside €49m for potential loan losses in its Irish subsidiary KBC Ireland in the second quarter of this year. This was broadly in line with the figure for the first three months.
    But the bank warned that loan loss provisions could be higher in the next quarters as the Irish market had not improved as the bank had envisaged.
    KBC said austerity measures had a sizeable impact on households, and tough credit conditions would remain, fuelled by continued downward pressure on property values and rising interest rates.
    Overall, KBC reported underlying second-quarter net profit of €528m, ahead of expectations, as a strong underlying performance in Belgium and Central Europe helped offset losses on Greek bonds.
    The group said it was hit by an impairment of €102m after tax on its portfolio of Greek bonds.

    http://www.rte.ie/news/2011/0809/kbc-business.html (Tuesday, 9 August 2011)

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