KBC Bank Ireland sells a loan portfolio of €1.9 billion, and net income will fall by a third

  • KBC Bank Ireland sells a loan portfolio of €1.9 billion, and net income will fall by a third
    Independent.t. E.
    KBC Bank Ireland has sold a loan portfolio of approximately €1.9 billion in Goldman Sachs.
    https://www.independent.ie/business/irish/kbc-bank-ireland-sells-loan-portfolio-of-19bn-as-net-profit-falls-by-a-third-37199227.html
    https://www.independent.ie/business/article37199226.ece/e0e78/AUTOCROP/h342/2018-05-18_bus_41029233_I1.JPG

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KBC Bank Ireland has sold a loan portfolio of approximately €1.9 billion in Goldman Sachs.

Today’s announcement of the group comes as the Bank saw its profit after tax in Ireland will fall by a third over the six months to June 30.

The loan portfolio consists of non-performing (NPL) Irish buy-to-let mortgages, the effective and ineffective UK buy-to-let mortgages and non-performing corporate loans.

Following the transaction, the level of NPL at KBC Bank Ireland will fall by about 40 PCs, resulting in the NPL ratio is reduced by about 11pc dots approx 25pcs.

Loans sold to organizations created and funded by “Goldman Sachs”, including Beltany property Finance, funding and financing tramore bath.

“KBC Bank Ireland has been building organically for its old portfolio of overdue loans in Ireland over the last few years,” Johan theis, KBC Group said the General Director of the company.

“However, in recent months there has been growing interest in the international financial markets for non-performing loans. This is a clear trend of the market. KBC wishes to accelerate the reduction of nonperforming loans through the impact on the increased interest presented on the market.”

“The sale of the portfolios, it is fully integrated into the strategy and ambitions of the Bank.”

Meanwhile, the Bank reported a net profit after tax of $ 113 million in Ireland in the first half, according to interim results of the group. It was a drop of nearly a third of profit after tax of €166m height reported in the same period last year.

In six months, the Bank’s net interest income in Ireland was €148 million, an increase of net interest income in the amount of €135 million reported in the first half of 2017.

Overall, kbc group reported a profit after tax of €1.2 billion in six months, a decrease of €1.5 billion in after-tax profits, reported in the same period in 2017.

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