Denmark's Danske Bank has released financial results which show that National Irish Bank lost €14m in the ten months to the end of December. Danske acquired NIB from National Australia Bank early last year.
The bank said the results were affected by costs of €26m linked to the integration of its activities into those of Danske Bank, while there was a €11.4m charge linked to the acquisition.
The bank says a €70m investment programme to restructure the organisation is underway, ahead of a relaunch planned for Easter.
NIB says customer lending for the whole of 2005 was up 44%, with mortgage lending growing by 32%. Deposits rose by 16%.
'Given acquisition and investment costs, the underlying business performance in 2005 was encouraging,' said chief executive Andrew Healy.
