National Irish Bank has reported pre-tax profits of €21m for the nine months to the end of September, up from a loss of €4m the same time last year.
The bank said its total income rose by 32% to €143m, while its lending book grew by 43%. Business loans increased by 44%.
In the nine months, mortgage lending rose by 45%. NIB said its LTV Mortgage approvals have now exceeded €2 billion since its launch less than a year ago.
'These results underline the impact the LTV Mortgage is continuing to have on the Irish market', commented Andrew Healy, NIB's CEO.
'Recent market turbulence has underlined the importance of shopping around for the best long term value in mortgage products,' he added.
The bank said its branch expansion programme is progressing well, with branches opening in Dublin's South Docks, Galway and Ballincollig in recent weeks.
Earlier, Danske Bank, which owns National Irish Bank, reported nine month results in line with exceptions. Danske said its net profits for the first nine months of 2007 came to €1.516m, up marginally from €1.499m the same time last year.
The group said it maintains its profit guidance for the full year and that, overall, net profit is expected to match the 2006 level.
Danske Bank said its expenses increased by 12% mainly as a result of planned expenditure for the integration of the banks in Ireland, Northern Ireland and Finland.
'Our income is robust, despite the turbulence in the credit and liquidity markets,' commented Danske Bank's CEO Peter Straarup.
'This is due, not least, to the broad geographic diversification of the group's activities and to the increasing profitability of our international banking operations,' he added.
