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Northern Bank reports £69m loss Northern Bank reports £69m loss
(11 minutes later)
Northern Bank has reported a loss of £69m for the first six months of 2009.Northern Bank has reported a loss of £69m for the first six months of 2009.
The bank made an operating profit of £35m, but had to set aside £104m to cover loans it thinks might not be repaid.The bank made an operating profit of £35m, but had to set aside £104m to cover loans it thinks might not be repaid.
Chief Executive Gerry Mallon said "ongoing difficulties in the property sector" reflected the amount they have set aside for potential bad debt.Chief Executive Gerry Mallon said "ongoing difficulties in the property sector" reflected the amount they have set aside for potential bad debt.
However, he said actual loan losses so far remain low at around £3m and the bank is well capitalised.However, he said actual loan losses so far remain low at around £3m and the bank is well capitalised.
The underlying profit was level with the same period in 2008.The underlying profit was level with the same period in 2008.
Total income of £100m was down 9% on 2008, reflecting lower interest rates and reduced activity in the market.Total income of £100m was down 9% on 2008, reflecting lower interest rates and reduced activity in the market.
Lending grew by 4%, including a 15% growth in mortgages. Deposits remained stable.Lending grew by 4%, including a 15% growth in mortgages. Deposits remained stable.
Operating expenses fell by 5% which Mr Mallon said was due to "continued focus on efficiencies."Operating expenses fell by 5% which Mr Mallon said was due to "continued focus on efficiencies."
Northern Bank began in 1809 as a Belfast-based banking company known as the Northern Banking Partnership.Northern Bank began in 1809 as a Belfast-based banking company known as the Northern Banking Partnership.
It was acquired by the Danske Bank Group in 2005, the largest bank in Denmark and a major player in Scandinavian financial markets.It was acquired by the Danske Bank Group in 2005, the largest bank in Denmark and a major player in Scandinavian financial markets.