First Active has reported a 77% increase in pre-tax profits for last year to 41.2 million euros, following the implementation of a major restructuring plan which involved closing branches and cutting staff numbers.
The company says the resulting savings of 13 million euros began to take effect in the second half of 2000.
Underlying profits, however, were down 9% at 41.1 million euros, mainly due to once-off items such as its DIRT settlement of 3.4 million euros and a 3 million euro top up for bad debt provision.
In Ireland, First Active profits fell from 32.8 million euros to 23.5 million as competition in the mortgage market reduced net interest margins. Irish advances grew to 5.1 billion euros.
The bank's British operations saw profits grow by 43% to 17.6 million. It recorded an exceptional gain of 9.1 million euros after Brittanic bought 60% of its subsidiary First Active Financial.
* First Active has also announced a share buyback scheme to be implemented from today. Its shares closed two cents higher at 2.50 euros this evening.
