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Northern Bank reports £69m loss | Northern Bank reports £69m loss |
(10 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." |
The bank forecasts that the Northern Ireland economy will shrink by about 2.4% in 2009. | |
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. |
It has 88 branches in Northern Ireland employing 1275 people. | It has 88 branches in Northern Ireland employing 1275 people. |