AIB's annual profits rise 53%

6 March 2007

Allied Irish Bank (AIB) has recorded a 53 per cent cent rise in annual profits, it was announced yesterday.

The bank's profits for 2006 stood at $3.4 billion, with underlying earnings per share up to 238.6 cents from 191.3 cents in 2005.

A series of property sales, which netted $656 million, and the further sale of the building society Ark Life helped the company to record a better than expected performance.

Meanwhile, in the same period the bank's operating income was $5.67 billion – a rise of 18.6 per cent.

AIB predicted that while this rate of growth is unlikely to be sustained, it still expects its growth rate in 2007 to be in double figures.

Commenting on the figures in a statement, AIB said: "In 2007, income is again expected to grow at a faster rate than costs, driven by the strength of the customer business pipeline and focus on further productivity gains."

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