A loss of £100 million has been reported for last year by Northern Bank, a significant increase on the £12 million loss made in 2008.
The BBC reported that the loss was made as a result of having to cover loans amounting to £168.7, despite reporting an operating profit of £68.6 million.
A return to profitability in the last quarter of last year was possible, as the bank generated £2.2 million.
Chief executive of the bank Gerry Mallon, who believes the profit loss is linked to problems in the property market, recognises that current conditions are challenging but also feels optimistic about this year's slow recovery.
Angela McGowan, chief economist at the organisation, believes that the economy has turned a corner, 4NI reported.
Commenting on the Office for National Statistics' (ONS) figures that found the UK is exiting recession as gross domestic profit (GDP) increased by 0.1 per cent, Ms McGowan said the overall figure was " a little below the consensus forecast".
"Overall, UK economic output is expected to grow by one per cent over the whole of 2010, which by historical standards is well below par," she said.
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