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| Version 1 | Version 2 |
|---|---|
| Bank 'optimistic' despite loss | Bank 'optimistic' despite loss |
| (20 minutes later) | |
| Northern Bank has reported a loss of £7.5m for the third quarter of 2009. | Northern Bank has reported a loss of £7.5m for the third quarter of 2009. |
| The bank made an operating profit of £15.5m, but had to set aside £23m to cover loans it thinks might not be repaid. | The bank made an operating profit of £15.5m, but had to set aside £23m to cover loans it thinks might not be repaid. |
| Actual write offs for the year to date are much lower at £5.3m | Actual write offs for the year to date are much lower at £5.3m |
| Chief Executive Gerry Mallon said there was room for "cautious optimism" as the provision for potential losses has reduced in this quarter. | Chief Executive Gerry Mallon said there was room for "cautious optimism" as the provision for potential losses has reduced in this quarter. |
| The bank said its total lending grew by 1%, including mortgage growth of 11% year on year. | The bank said its total lending grew by 1%, including mortgage growth of 11% year on year. |
| Total income for the third quarter of 2009 was £51.7m. | Total income for the third quarter of 2009 was £51.7m. |
| Mr Mallon said that with the economy still in recession conditions remain "challenging" for consumers and for businesses. | Mr Mallon said that with the economy still in recession conditions remain "challenging" for consumers and for businesses. |
| The crash in property values is still a drag on the bank with a large amount of the potential loan losses concentrated in that sector. | The crash in property values is still a drag on the bank with a large amount of the potential loan losses concentrated in that sector. |
| University of Ulster economist Mike Smyth said the bank's results are part of a pattern suggesting tentative economic recovery. | |
| "Their underlying profit performance is really quite encouraging and does fit with the wider emerging evidence that, slowly, our economy is starting to turn the corner. | |
| "But next year could be very bad - we don't know how the Nama issue will play out and there could be casualties north of the border. I'm sure all banks in Northern Ireland are very, very nervous." | |
| 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 83 branches in Northern Ireland employing around 1800 people. | It has 83 branches in Northern Ireland employing around 1800 people. |