Bank of Ireland Reports Half-Year Pre-Tax Loss of €979 Million

Bank of Ireland today reported a pre-tax loss of €979m for the six months ending September 30, 2009, compared to a profit of €647m in the same period in 2008, Finfacts reported. The bank made an operating profit of €787m before bad debt charges. It said impairment charges over that period were €1.8bn, reflecting "significant deterioration" in asset quality in its property and construction portfolio. BoI, which is selling €16bn of loans to the State's "bad bank," the National Asset Management Agency (NAMA), said "significant uncertainties" remain on the discount the agency will pay for the loans. The bank said its customer deposits had risen by 4% since March, but total loans to customers dipped 2% to €131 billion, due to the economic downturn. Read more.