MORTGAGE ARREARS GROW AT PERMANENT TSB - Irish Life & Permanent has reported an operating loss of €197m for 2010, slightly higher than that in 2009, because of losses at Permanent TSB.
The bank's losses increased by 36% to €364m. But in its life business, Irish Life, the group saw its operating profits rise by 57% to €160m.
Total arrears increased by 49% in the group's Irish mortgage book. IL&P chief executive Kevin Murphy said 11,500 people were in arrears for more than 90 days - almost 7% of the mortgage book. He said the bank was working closely with these customers and had worked out individual plans.
Mr Murphy said he believed any ECB interest rate rises later this year would be moderate and slow, and could be managed. He said IL&P was comfortable that it was 'provisioning sensibly' for any mortgage losses.
Asked about 2011, Mr Murphy said strong profits were again expected at its life business, and he hoped that loan loss provisions would be reduced in Permanent TSB.
***
GLANBIA RESULTS BEAT FORECASTS - Cost reduction, improved global dairy markets and good demand for nutritionals saw dairy group Glanbia beat expectations last year.
In 2010 its operating profit was 22.8% higher at €136.5m and revenue was up 18% at €2.1 billion.
John Moloney, the group's chief executive, said the company was pleased with the increases in revenue and profits for last year.
He said rising oil prices were a 'double-edged sword' for Glanbia, as they helped the economies of regions which needed to import food products.
Mr Moloney said global dairy demand was positive, partly because of rising incomes in developing economies.
***
NEWS AND CURRENCIES - Fruit group Fyffes says its revenue last year was 2% higher at €742m.
IDA-supported Kelcourt Plastics, which supplies parts to the medical device industry, is setting up a manufacturing facility in Tullamore creating 55 jobs over five years.
On the currency markets, the euro is trading at $1.3755 cents and 84.72p sterling.
