Northern Bank made a loss of $113 million during the opening half of the year, despite recording an operating profit of $57 million.
The Northern Irish financial institution was forced to use $171 million to pay impairment charges, $5.1 million of which amounted to actual losses.
Total income at the bank over the six-month period was $164 million, a fall of nine per cent year-on-year due to decreased activity in the market and the lower base rate in the UK.
Danske Bank, its parent company, recorded income of $6.1 billion, with profit before impairment charges coming to $3.1 billion.
Chief executive of Northern Bank Gerry Mallon described the results as "stable".
He admitted that the domestic and global market conditions are still "challenging", but said that there has been a "continued focus on efficiencies" in an effort to reduce costs.
Northern Bank was founded in 1809 and became part of the Danske Bank Group in 2005.
The Northern Irish financial institution was forced to use $171 million to pay impairment charges, $5.1 million of which amounted to actual losses.
Total income at the bank over the six-month period was $164 million, a fall of nine per cent year-on-year due to decreased activity in the market and the lower base rate in the UK.
Danske Bank, its parent company, recorded income of $6.1 billion, with profit before impairment charges coming to $3.1 billion.
Chief executive of Northern Bank Gerry Mallon described the results as "stable".
He admitted that the domestic and global market conditions are still "challenging", but said that there has been a "continued focus on efficiencies" in an effort to reduce costs.
Northern Bank was founded in 1809 and became part of the Danske Bank Group in 2005.
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