National Irish Bank (NIB) have released their 2008 financial results. NIB is a subsidiary of Danske Bank Group (the largest bank in Denmark).
Danske is rated with Moody's Aa1 Long Term and P-1 Short Term. In this context National Irish Bank is the highest rated full service bank operating in Ireland.
NIB reported an increase in profit before impairment charges of 144% to €71 million. Income increased 13% to €204 million, whilst costs reduced by 12% to €133 million.
However, the Bank raised loan loss impairments of €228 million and a one-off goodwill write-off of €395 million, leading to a loss before tax of €552 million.
The impairment charge represents 2.14 per cent of all NIB loans and 4.8 per cent of commercial property loans.