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AIB reports €437m pre-tax profit
30 Jul 2014 10:10
AIB has reported a pre-tax profit of €437m for the first half of the year – a significant improvement on the €838m loss incurred in the same period of 2013.
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The bank said its total operating income rose by 36% to €1.24bn during the six month period, while operating expenses fell 9% to €686m.
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This reduction comes as part of a cost-cutting operation at the bank, which has seen staffing levels fall by 10% in the past year to just over 11,380.
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The amount AIB provisioned for bad loans in the past six months was also down, standing at €92m compared to €744m in the first half of last year.
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Earnings from the bank’s domestic operations doubled year-on-year at €622m, according to the accounts, while earnings from its British arm were also higher.
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AIB said it had approved €4.6bn worth of credit during the period – a 28% increase on the first half of 2013 – with the bank claiming a 37% share of the mortgage market.
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