KBC Ireland profit swells to €44.4m

It's added 16,900 new customer accounts in three months...

KBC Ireland profit swells to €44.4m

KBC Ireland, Facebook

KBC Bank Ireland has reported a net profit of €44.4m for its third quarter.

It generated an operating profit of €17.1m - that's down from €33.9m in the corresponding quarter last year.

The bank's stock of impaired loans fell by 13% to €6bn from €6.9bn in the third quarter of 2015.

KBC added 16,900 new customer accounts during the three months - bringing the total added during 2016 to 49,900.

The company cut a range of fixed and variable mortgage rates by between 0.1% and 0.6% in October.

Digital growth continues with one third of new current accounts opened through digital channels and mobile and online usage has increased by 109% on the same quarter last year.

Commenting on the financial results, Wim Verbraeken, Chief Executive of KBC Bank Ireland said: "I am pleased to report strong profitability across all areas of the business with the continued support and investment of our shareholder.

"We remain firmly focused on developing products and services that are truly innovative, offer value for money and stand out in today’s market. The enduring popularity of our combined current account and mortgage offering and recent mortgage rate reductions best exemplify that commitment to our customers," he stated.

"Looking ahead, we remain firmly focused on meeting customers’ needs for innovative, competitively priced banking products and growing market share across our business," Mr Wim Verbraeken said looking forward.

KBC Bank Ireland employs over 1,000 people in Ireland with retail banking hubs in Dublin, Cork, Galway, Limerick, Kildare, Waterford, Wicklow and Kilkenny.