Financials
M&T 38% ahead in second quarter
Monday, 12 July 2004M&T Bank, the US bank in which AIB has a 22% stake, has reported net profits of $184m for the second quarter of this year, up 38% on the same period a year earlier.
Part of the improvement is due to $22m in costs associated with its acquisition of AllFirst from AIB which affected last year's Q2 results. There were no such charges this year.
Net profits for the first six months of the year are 37% ahead of the same period last year at €344m.
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M&T said it had significantly reduced the amount of non-performing loans, but it recorded a drop in mortgage banking revenues.
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