Irish Life and Permanent said it was upbeat about full year earnings after robust business volumes in the first half of 2002.
In a trading statement today, it said that volumes in both its life and banking business had increased strongly. Volumes were helped by the Government-backed Special Savings Incentive Accounts scheme and by tax changes in relation to residential investment property.
The company said earnings in its key insurance business, which accounts for the bulk of group profits, would be in line with expectations despite a drop in equity market investment by some customers.
Irish Life and Permanent said it expected full year insurance sales to grow by over 20% after revenues in the first six months of the year were boosted by the SSIA scheme.
In its banking operations, IL&P said its first half earnings rose by 40%, bolstered by the integration of TSB Bank which it acquired last year. The group forecast full-year earnings growth of more than 20%.
Irish Life and Permanent, the country's third biggest financial institution, said the integration of the group's banking operations is progressing in line with plans. What it called a major milestone was achieved with the full integration of the branch network earlier this month.
Shares in Irish Life and Permanent slipped 20 cent today, to close at €15.24.
