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Northern Bank reports £100m loss Northern Bank reports £100m loss
(31 minutes later)
Northern Bank has reported a loss of £100m for 2009, compared to a £12m loss in 2008.Northern Bank has reported a loss of £100m for 2009, compared to a £12m loss in 2008.
The bank made an operating profit of £68.6m, but had to set aside £168.7m to cover loans it thinks might not be repaid, mainly in the property sector.The bank made an operating profit of £68.6m, but had to set aside £168.7m to cover loans it thinks might not be repaid, mainly in the property sector.
The bank said it returned to clear profitability in the last quarter of the year, making £2.2m in that period.The bank said it returned to clear profitability in the last quarter of the year, making £2.2m in that period.
Chief Executive Gerry Mallon said that while conditions remain tough he is optimistic 2010 will see slow recovery.Chief Executive Gerry Mallon said that while conditions remain tough he is optimistic 2010 will see slow recovery.
He said that despite the huge bad loan provision the size of actual write offs is "very low" at £7.6m for the year. He said that despite the huge bad loan provision the size of actual write offs was "very low" at £7.6m for the year.
Mr Mallon said the bank has faced "aggressive competition" for customer deposits but was successful in retaining its deposit base.Mr Mallon said the bank has faced "aggressive competition" for customer deposits but was successful in retaining its deposit base.
Total lending fell 5% compared to 2008. Retail lending - things like mortgages and personal loans - actually rose by 3% but lending to corporate customers dropped 8%.
'Worst year'
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 1250 people.It has 83 branches in Northern Ireland employing 1250 people.
Danske's unit in the Irish Republic, National Irish Bank (NIB), made a loss of 661m euros (£577m) for 2009.
The bank's chief executive Andrew Healy said it had been "possibly the worst year in Irish banking history."
The bank recorded an operating profit of 42m euros, a fall of 42% from the previous year.
Its bad loan provision totalled 704m euros and it warned loan impairment charges will remain high in 2010.
In December, NIB said it was closing 25 of its 58 branches with the loss of 150 jobs.
Overall Danske announced a 113% rise in operating profits to 4.1bn euros, with 3.5bn euros set aside to cover bad loans.