It's your Mortgage Day!
Commenting on the results, Wim Verbraeken, Chief Executive of KBC Bank Ireland said: “The financial results and impairments are in line with our expectations and we remain on track to return to profitability by 2016, so we are satisfied with our performance.
KBC Group ended the third quarter of 2014 with a net profit of €591 million, compared to €317 million in the previous quarter and €272 million in the third quarter of 2013. Adjusted net profit came to €477 million for the third quarter of 2014, compared to €287 million in the second quarter of 2014 and €457 million in the third quarter of 2013, after excluding the impact of the legacy business (CDOs, divestments) and the valuation of own credit risk.
KBC Bank Ireland reports a loss of €14 million after tax and impairment costs for Q3 2014, compared to a loss of €51 million for the same period in 2013. The Bank had loan impairment costs of €47 million for Q3 2014, compared to €98 million for the same period in 2013.
KBC continued its retail banking expansion in Ireland with new hub locations acquired in Maynooth and Dundrum, Dublin 14, which followed the launch of seven hubs in Dublin, Cork, Limerick and Galway over the past 18 months. KBC will open five additional hubs early in 2015. KBC recently launched a competitive personal loan product, which includes preferential rates for current account customers, and a credit card initiative, providing customers with a 1% reward for grocery and online purchases. KBC will launch the distribution of a new competitive suite of KBC sponsored investment funds this month to complement its existing range of saving and investment products.
KBC’s retail deposit acquisition progressed well, with total retail deposits now at €3.3 billion (up from €2.7 billion at year end 2013). In 2014, KBC has opened over 30,000 new customer accounts.
Commenting on the results, Wim Verbraeken, Chief Executive of KBC Bank Ireland said: “The financial results and impairments are in line with our expectations and we remain on track to return to profitability by 2016, so we are satisfied with our performance. We continue to grow our retail banking presence, focussing on busy footfall locations in urban centreswith the recent acquisition of new hubs in Dublin and Maynooth, and five more planned for opening early 2015. We continue to receive a very positive response to our current account offering and we are pleased to welcome these new customers to KBC.
“Reinforcing our strategy of rewarding customers for loyalty, we launched a competitive personal loan product, with preferential rates for current account customers and a new credit card initiative providing a reward for grocery and online purchases. Following the progress of our retail banking strategy over the past two years, we now offer a full suite of competitive products, providing a genuine retail banking alternative for Irish consumers.”
KBC Bank Ireland employs over 960 people in Ireland with retail banking hubs in Dublin, Cork, Limerick, Kildare and Galway.