KBC Ireland posts quarterly loss amid €32m of charges related to exit

Irish Times | May 12, 2022 at 9:33 AM
  • KBC Bank Ireland posted a net loss of €15 million for the first quarter of the year, driven by €32 million in various charges relating to its planned exit from the Irish market.
  • The Irish unit took a €183 million impairment charge in 2021 against its €10 billion mortgage-focused loan book, after agreeing to sell the bulk of the portfolio to Bank of Ireland and €1.1 billon of non-performing loans to US distressed debt investment firm CarVal Investors.
  • The Competition and Consumer Protection Commission (CCPC) is currently carrying out an in-depth assessment of the Bank of Ireland transaction and warned in February that the deal “is likely to give rise to a substantial lessening of competition in relation to the market for the provision of mortgages in the State”.