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26/08/2011
Anglo Losses Reduced To €101m
Anglo Irish Bank has narrowed its losses substantially in the first half of 2011.
The bank has reported pre-tax losses of €101m compared to a loss of €8.2bn for the same period last year.
The bank noted an operating profit of €332m before impairments in its trading update today. However, total provisions for impairments were €778m.
At this time last year, Anglo’s losses were astounding and ran into the billions. So this is a vast improvement for a bank that filed record -breaking losses last year, for the second year in a row.
The lending impairment charge, for Anglo's loans (that are unlikely to be repaid) have also reduced in the six months leading up to June.
They have fell to almost €1bn which compares to impairments of €4.7bn reported in the same period last year.
Staff costs have fallen by 16 % due to 210 workers being transferred to AIB. The headcount at the end of June was 1,075 and includes 130 people working in the Bank's NAMA unit.
However, higher litigation costs, external reviews and fees for expert work on loan book asset quality have led to increased non-staff costs of €60m.
In addition Anglo’s reliance on monetary authorities including Central Bank and the European Central Bank have also decreased slightly to €40.8bn. Although 89% of its funding is still represented by these authorities.
Commenting on the results, group Chief Executive, Mike Aynsley, said: "This reflects a major shift in focus for the organisation from being a high octane lender to an effective asset manager of portfolio sales and redemptions. This will remain our priority."
(LB/BMcC)
The bank has reported pre-tax losses of €101m compared to a loss of €8.2bn for the same period last year.
The bank noted an operating profit of €332m before impairments in its trading update today. However, total provisions for impairments were €778m.
At this time last year, Anglo’s losses were astounding and ran into the billions. So this is a vast improvement for a bank that filed record -breaking losses last year, for the second year in a row.
The lending impairment charge, for Anglo's loans (that are unlikely to be repaid) have also reduced in the six months leading up to June.
They have fell to almost €1bn which compares to impairments of €4.7bn reported in the same period last year.
Staff costs have fallen by 16 % due to 210 workers being transferred to AIB. The headcount at the end of June was 1,075 and includes 130 people working in the Bank's NAMA unit.
However, higher litigation costs, external reviews and fees for expert work on loan book asset quality have led to increased non-staff costs of €60m.
In addition Anglo’s reliance on monetary authorities including Central Bank and the European Central Bank have also decreased slightly to €40.8bn. Although 89% of its funding is still represented by these authorities.
Commenting on the results, group Chief Executive, Mike Aynsley, said: "This reflects a major shift in focus for the organisation from being a high octane lender to an effective asset manager of portfolio sales and redemptions. This will remain our priority."
(LB/BMcC)
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