Anglo Irish Bank's H1 profits rise by 35%

Wednesday, 10 May 2006

Anglo Irish Bank has reported pre-tax profits of €375m for the six months to the end of March, an increase of 35% on the same time last year. Earnings per share rose by 30% to 41.9 cent.

The bank said that lending to customers increased by €7.1 billion, up 21%. Total assets increased by 22% to €60.1 billion.

Anglo Irish Bank's board has declared an interim dividend of 5.4 cent per share, an increase of 20% on H1 2005.

The bank said that growth has been seen across all of its markets. In Ireland, loan balances grew by 17%, by 21% in the UK and by 41% in the US. It said the growth demonstrates the strengthening of its franchise in its chosen market and sectors.

Anglo Irish Bank described the performance of its Treasury division as 'excellent'. Total funding grew by €9 billion to €51 billion, up 22%.

The group's wealth management division also produced 'excellent' growth across all its targeted markets.

Anglo's Chairman Sean Fitzpatrick said that momentum in the bank's business is strong and it is confident of its prospects for the rest of the year.

He said the business outlook for the markets in which it operates remains positive. 'Interest rates in the UK and the US economies have been well managed. As anticipated, we are now beginning to witness an upward movement in European rates,' he said.wever, given the low current base and the well heralded nature of expected future rate rises, this should not affect the strong fundamentals of the Irish economy,' he added.

Anglo Irish Bank shares closed down 28 cent at €13.47 in Dublin.