It's your Mortgage Day!
KBC Bank Ireland delivered significant improvements to its Mobile Banking offering while continuing to expand its retail banking presence. Three additional Retail Hubs were opened in Dublin and a further two planned in Q3. Retail Deposits growing to c.€3.2 billion with over 20,000 new customer accounts added in the first half of 2014. Substantial increase in the number of mortgages approved in Q2, as the market recovers. KBC Bank Ireland reports loss (after tax and impairment costs) of €34 million for Q2 2014 (compared to a loss of €38 million in Q2 2013) - Remains on track to return to profitability by 2016
KBC Group ended the second quarter of 2014 with a net profit of €317 million, compared with €397 million in the previous quarter and €517 million in the second quarter of 2013. After excluding the impact of the legacy business (CDOs, divestments) and the valuation of own credit risk, adjusted net profit came to €287 million for the second quarter of 2014, compared with €387 million in the first quarter of 2014 and €485 million in the second quarter of 2013.
KBC Bank Ireland reports a loss of €34 million after tax and impairment costs for Q2 2014, compared to a loss of €38 million for the same period in 2013. The Bank had loan impairment costs of €62 million for Q2 2014, compared to €88 million for the same period in 2013.
KBC Bank Ireland continued its successful retail deposit acquisition with total retail deposits now at €3.2 billion (up from €2.7 billion since year end 2013) and with over 20,000 customer accounts added for the first half of the year.
KBC Bank Ireland sustained its retail banking expansion with the opening of new additional hubs in Dublin at Grand Canal Plaza, Swords and Stillorgan. This expansion is set to progress with the acquisition of more new sites in Dundrum and Maynooth. The Bank recruited 100 new staff in H1 with a further 80 new positions planned by year end.
KBC Bank Ireland maintained its drive to further build on its new current account customer base. The Bank recently launched a new current account offer giving new customers who open a KBC Current Account a 0.2% discount on KBC’s competitive new mortgage rates. This comes in addition to the preferential savings rate that new current account customers can already avail of. To accommodate customers wishing to switch from other banks, the Bank introduced a new credit card to complement its competitive current account. KBC Bank Ireland has seen an increase in mortgage applications activity in Q2 2014 in line with market growth.
Commenting on the financial results, Wim Verbraeken, Chief Executive of KBC Bank Ireland said: “We are satisfied with our performance over the first half of the year, as we continue to grow our retail banking presence. The financial results and impairments are in line with our expectations and we remain on track to return to profitability by 2016. We advanced our strategic objectives through the delivery of an enhanced mobile banking offering, the opening of new hubs in Dublin and the launch of new products including a competitive credit card to complement our current account. We continue to recruit for new positions this year across a range of professions with over 100 professionals joining the Bank so far to drive forward our expansion plans.
“With the continued strength and support of our shareholder KBC Group and our focus on responsive customer service and innovation, we are well positioned to acquire new customers, providing them with a compelling retail banking offering.”
KBC Bank Ireland employs over 900 people in Ireland with retail banking hubs in Dublin, Cork, Limerick and Galway.