KBC Ireland, the Irish subsidiary of Belgian bank KBC, has reported after-tax profits of €103m for last year, a drop of 25% from 2007.
The bank recorded a €55m hit from bad loans, while costs linked to financial marker turbulence knocked €35m off profits. Chief executive Ted Marah said further 'significant' charges for impaired loans could not be ruled out in 2009.
The bank lent €13.7 billion in mortgages, and had around 9% of the home loan market, b the end of 2008.
KBC withdrew from new lending for property development early in 2007, and says this sector now accounts for €1.8 billion, or just under 10% of its total loan book.
