11/08/2009
Northern Bank Losses Revealed
A second local banking institution has reported a big loss.
The Northern Bank is down £69m in the first six months of 2009 in news that follows similar grim data released by the Ulster Bank earlier this month.
As with the Ulster Bank, the Northern made an operating profit of £35m over the period, but similarly had to set aside substantial funds - in this case £104m - to cover loans it thinks might not be repaid.
Chief Executive Gerry Mallon told BBC Radio Ulster "ongoing difficulties in the property sector" reflected the amount they have set aside for potential bad debt.
However, he said actual loan losses so far remain low at around £3m and the bank is well capitalised.
The underlying profit was level with the same period in 2008.
Total income of £100m was down 9% on 2008, reflecting lower interest rates and reduced activity in the market.
Lending grew by 4%, including a 15% growth in mortgages. Deposits remained stable.
Operating expenses fell by 5% which Mr Mallon said was due to "continued focus on efficiencies."
In general terms, the bank forecasts that the Northern Ireland economy will shrink by about 2.4% in 2009.
The bank was acquired by the Danske Bank Group in 2005, the largest bank in Denmark and a major player in Scandinavian financial markets.
It has 88 branches in Northern Ireland employing 1,275 people.
Danske's unit in the Republic of Ireland, National Irish Bank, reported a loss of €341m for the first half of 2009 after setting aside €379m for loans it thinks might not be repaid.
See: Job Cuts As Ulster Bank Makes Losses
(BMcC/KMcA)
The Northern Bank is down £69m in the first six months of 2009 in news that follows similar grim data released by the Ulster Bank earlier this month.
As with the Ulster Bank, the Northern made an operating profit of £35m over the period, but similarly had to set aside substantial funds - in this case £104m - to cover loans it thinks might not be repaid.
Chief Executive Gerry Mallon told BBC Radio Ulster "ongoing difficulties in the property sector" reflected the amount they have set aside for potential bad debt.
However, he said actual loan losses so far remain low at around £3m and the bank is well capitalised.
The underlying profit was level with the same period in 2008.
Total income of £100m was down 9% on 2008, reflecting lower interest rates and reduced activity in the market.
Lending grew by 4%, including a 15% growth in mortgages. Deposits remained stable.
Operating expenses fell by 5% which Mr Mallon said was due to "continued focus on efficiencies."
In general terms, the bank forecasts that the Northern Ireland economy will shrink by about 2.4% in 2009.
The bank was acquired by the Danske Bank Group in 2005, the largest bank in Denmark and a major player in Scandinavian financial markets.
It has 88 branches in Northern Ireland employing 1,275 people.
Danske's unit in the Republic of Ireland, National Irish Bank, reported a loss of €341m for the first half of 2009 after setting aside €379m for loans it thinks might not be repaid.
See: Job Cuts As Ulster Bank Makes Losses
(BMcC/KMcA)
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New bank notes have been released into circulation in Northern Ireland. The £10 and £20 notes are being issued from Danske Bank and will gradually replace the existing Northern Bank notes. The design of the notes remains the same, the only difference is the Danske Bank logo has replaced the Northern Bank logo.
07 January 2005
Consequences ‘dire and grim’ says Robinson
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Consequences ‘dire and grim’ says Robinson
The consequences for Sinn Féin will be “dire and grim” if Chief Constable Hugh Orde confirms IRA involvement in the £22 million Northern Bank robbery last month, said DUP deputy leader Peter Robinson.
10 May 2012
Northern Bank To Be Rebranded
Danske Bank has announced a new organisational set-up for its operations in Northern Ireland and Ireland. The new structure will take effect on 1 June 2012. The re-organisation mirrors a similar Group wide set-up being introduced in all Danske Bank operations.
Northern Bank To Be Rebranded
Danske Bank has announced a new organisational set-up for its operations in Northern Ireland and Ireland. The new structure will take effect on 1 June 2012. The re-organisation mirrors a similar Group wide set-up being introduced in all Danske Bank operations.
03 January 2007
Bank robbery charges dropped
The County Down man accused of the £26 million Northern Bank robbery in 2004, has had the charges against him dropped. Dominic McEvoy, 23, a builder from Mullandra Park in Kilcoo, was not present in Belfast Magistrates Court during the hearing.
Bank robbery charges dropped
The County Down man accused of the £26 million Northern Bank robbery in 2004, has had the charges against him dropped. Dominic McEvoy, 23, a builder from Mullandra Park in Kilcoo, was not present in Belfast Magistrates Court during the hearing.
03 July 2013
Ulster Bank Jobs Cut
Hundreds of jobs are to go at Ulster Bank, as the group forsees up to 39 more branch closures by the end of 2014. Ulster Banks plans to "significantly" reduce its workforce, from around 5,800 full-time staff to between 4,000 and 4,500 by 2016. The news follows the 950 job losses announced in January 2012.
Ulster Bank Jobs Cut
Hundreds of jobs are to go at Ulster Bank, as the group forsees up to 39 more branch closures by the end of 2014. Ulster Banks plans to "significantly" reduce its workforce, from around 5,800 full-time staff to between 4,000 and 4,500 by 2016. The news follows the 950 job losses announced in January 2012.
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