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AIB reports profits of €1 billion
05 Mar 2015 19:07
AIB has joined rival Bank of Ireland in returning to a profit for 2014 as it clawed back money put aside for bad loans after years spent racking up billions of euros in loss provisions.
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AIB today reported a pre-tax profit of €1.1 billion last year compared to a €1.7 billion loss in 2013.
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This is the first time the state-owned bank has reported a full year profit since 2008.
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In a statement, AIB said it has seen a significant fall in the number of customers in arrears on their loans, with total impaired loans down by 23% since December 2013.
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The bank's profit includes a €188m write-back of money previously set aside to cover expected bad debts. This compares to a net charge of €1.9 billion in 2013 and AIB said this reflects the level of debt restructuring and economic improvements.
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AIB, which is 99.8% owned by the State, said the number of accounts in arrears in its owner-occupier mortgage portfolio fell by 22% last year.
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The bank's out-going chief executive David Duffy said that AIB successfully executed its three year plan to deliver a bank that is "sustainably profitable, adequately capitalised and appropriately funded".
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"We are focused on growing our lending to support the Irish economy and delivering sustainable returns for our shareholders," he added.
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