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Fri 03 Mar 2009ACC Bank reports €244m loss after tax
ACC BANK, which is owned by Dutch financial group Rabobank, has reported a loss after tax of €244 million for 2008 due to a steep rise in its bad debt provisions. This compares to a profit of almost €40 million after tax a year earlier.
Although the bank grew its income by 4.7 per cent to €167.2 million last year, it increased its loan impairment provision by €306.5 million to reflect the sharp deterioration in the Irish economy.
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