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05/08/2009
Irish Bank Losses Rising
Northern Ireland's First Trust Bank has lost £41m, according to the latest financial statement.
The report also detailed how this led to a £28m loss at the parent company Allied Irish Bank group's UK operation.
AIB in The Republic has also reported a pre-tax loss of €872m for the first six months of its financial year.
AIB, trading as First Trust in Northern Ireland, said its "asset quality deteriorated further, mostly in its property portfolios".
The bank said it making more money through lending due to the "re-pricing of customer loans to reflect market conditions."
AIB said its operating environment continues to be extremely difficult and added that First Trust's operating profit, before provisions, was £50m for the first half of 2009.
However, its loss before taxation was £41m because it has had to set aside £91m for loans it doesn't expect to be repaid.
It said this reflected the "deteriorating conditions in the Northern Ireland economy."
Net interest income was 16% lower than the same period last year reflecting a combination of lower interest rates and increased competition.
There have already been cut-backs. Staff costs at First Trust have fallen by 13% in past six months which the bank said is due to a reduction in staff numbers along with a freeze on pay increases and "a strong focus on discretionary expenditure."
HSBC and Barclays in Britain were able to get a boost from buoyant investment bank earnings in their recent figures, but Allied Irish did not, with its revenues from asset management, investment banking and wealth management all down.
Meanwhile, one of the UK's other top banking groups, Lloyds has today announced losses of £4 billion in the first six months of this year.
The bank, which was part-nationalised, has identified the large number of bad debts at HBOS, which it took over in September 2008, has a factor in the huge losses.
See: Lloyds Announces £4 Billion Loss
(BMcC/KMcA)
The report also detailed how this led to a £28m loss at the parent company Allied Irish Bank group's UK operation.
AIB in The Republic has also reported a pre-tax loss of €872m for the first six months of its financial year.
AIB, trading as First Trust in Northern Ireland, said its "asset quality deteriorated further, mostly in its property portfolios".
The bank said it making more money through lending due to the "re-pricing of customer loans to reflect market conditions."
AIB said its operating environment continues to be extremely difficult and added that First Trust's operating profit, before provisions, was £50m for the first half of 2009.
However, its loss before taxation was £41m because it has had to set aside £91m for loans it doesn't expect to be repaid.
It said this reflected the "deteriorating conditions in the Northern Ireland economy."
Net interest income was 16% lower than the same period last year reflecting a combination of lower interest rates and increased competition.
There have already been cut-backs. Staff costs at First Trust have fallen by 13% in past six months which the bank said is due to a reduction in staff numbers along with a freeze on pay increases and "a strong focus on discretionary expenditure."
HSBC and Barclays in Britain were able to get a boost from buoyant investment bank earnings in their recent figures, but Allied Irish did not, with its revenues from asset management, investment banking and wealth management all down.
Meanwhile, one of the UK's other top banking groups, Lloyds has today announced losses of £4 billion in the first six months of this year.
The bank, which was part-nationalised, has identified the large number of bad debts at HBOS, which it took over in September 2008, has a factor in the huge losses.
See: Lloyds Announces £4 Billion Loss
(BMcC/KMcA)
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19 February 2018
Limited Time Remaining For Leaders To Enter IoD Director Of The Year Awards
Business leaders have until 28th February to enter this year's Institute of Directors (IoD) First Trust Bank Director of the Year Awards. The annual awards honour the achievements and leadership of directors from sectors across Northern Ireland, with category winners then considered for the UK-wide Director of the Year Finals in London.
Limited Time Remaining For Leaders To Enter IoD Director Of The Year Awards
Business leaders have until 28th February to enter this year's Institute of Directors (IoD) First Trust Bank Director of the Year Awards. The annual awards honour the achievements and leadership of directors from sectors across Northern Ireland, with category winners then considered for the UK-wide Director of the Year Finals in London.
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Northern Rock Rocked By Losses
A nationalised bank funded by huge amounts of taxpayers' money has reported a loss of £724.2m for the first six months of 2009. Northern Rock's losses accelerated when compared with a loss of £585.4m in the first half of last year. In stark contrast to the news yesterday that Barclay's pre-tax profits for the first six months of 2009 topped £2.
Northern Rock Rocked By Losses
A nationalised bank funded by huge amounts of taxpayers' money has reported a loss of £724.2m for the first six months of 2009. Northern Rock's losses accelerated when compared with a loss of £585.4m in the first half of last year. In stark contrast to the news yesterday that Barclay's pre-tax profits for the first six months of 2009 topped £2.
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Internet bank Egg announce reduced losses
Internet banking company Egg has announced a reduction in the company’s losses for the first six months of the year. Egg said that pre-tax losses were down 21 per cent to £63.4m in the first half of the year compared to £80.7m in the same period a year ago.
Internet bank Egg announce reduced losses
Internet banking company Egg has announced a reduction in the company’s losses for the first six months of the year. Egg said that pre-tax losses were down 21 per cent to £63.4m in the first half of the year compared to £80.7m in the same period a year ago.
07 April 2017
Suzanne Wyle Scoops 'Public Sector Of The Year' Accolade
Belfast City Council's Chief Executive Suzanne Wylie has been awarded the 'Public Sector Director of the Year' accolade at the Institute of Directors (IoD) NI First Trust Bank Director of the Year Awards.
Suzanne Wyle Scoops 'Public Sector Of The Year' Accolade
Belfast City Council's Chief Executive Suzanne Wylie has been awarded the 'Public Sector Director of the Year' accolade at the Institute of Directors (IoD) NI First Trust Bank Director of the Year Awards.
22 March 2016
Magherafelt's Bloc Blinds Announce £4m Investment Plan
Bloc Blinds in Magherafelt have announced a £4 million expansion plan, including new manufacturing facilities and extensive market development activities to help drive export sales, particularly in Europe and the US.
Magherafelt's Bloc Blinds Announce £4m Investment Plan
Bloc Blinds in Magherafelt have announced a £4 million expansion plan, including new manufacturing facilities and extensive market development activities to help drive export sales, particularly in Europe and the US.
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