US bank M&T, in which AIB has a stake of 22%, has reported net profits of $102m for the final quarter of 2008. This was up from $65m a year earlier.
But profits for the full year fell to $556m from $854m in 2007.
In the fourth quarter, the bank took a $24m due to a write-down in the value of some of its investments.
'During the past year, M&T once again remained solidly profitable through a very difficult period of time for the US economy,' said chief finance officer Rene Jones. Its deposits grew by 11% last year, while commercial loans were up 15%.
