Anglo Irish Bank Corporation today gave an upbeat assessment of the strength of the economy here as it reported pre-tax profits for the six months to March 31 of 90.5 million euros, an increase of 48%.
Anglo Irish, the country's fourth-largest financial player, said foot-and-mouth disease and the US economic slowdown would have a 'moderating effect' on Irish growth, but that the fundamentals of the country's economy remained strong.
'A a reduction in growth levels may be in the best interests of the economy in the long term,' group chief executive Sean Fitzpatrick added.
The company said its basic earnings per share for the period were up 51% to 20.3 euro cents. Bank lending increased by 21%, while customer deposits grew 26%. The company declared an interim dividend of 3.6 euro cents per share, up 16% on last year's interim dividend.
The bank said its fee-earning businesses had a record six months, with strong growth recorded in asset management, private banking, corporate foreign exchange and trade finance.
Anglo Irish, a niche bank specialising in mid-tier corporate lending, generates around 64% of its profits in Ireland, with the rest in Britain and Europe. Last month it completed the acquisition of the Swiss-based private Banque Marcuard Cook & Co, adding to its asset management businesses in Ireland, the Isle of Man and Austria.
Fitzpatrick said in recent months Anglo Irish had been looking at possible further acquisitions in continental Europe in the credit banking sector.
Shares in Anglo Irish closed up four cents to 3.75 in Dublin today.
