herald

Tuesday 24 October 2017

AIB flips losses to €437m profits

banking

AIB recorded an impressive €437m pre-tax profit for the first half of the year, a significant turnaround from the €838m loss during the same period last year.

The last time the bank reported a full-year profit was in 2008, just as the financial crash took hold.

Total operating income rose by 36pc to €1.24bn during the six month period in 2014, while operating expenses fell 9pc to €686m thanks to a series of cost cutting measures.

The bank said that it was strong position to pass the European Central Bank's stress tests as it prepares to repay the state €20bn bailout.

AIB chief executive David Duffy (above) said he was confident about the bank's future.

"I am confident about our overall capital position," he said on RTE's Morning Ireland.

"You can never be entirely complacent about these things, but we have very strong capital levels."

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