Sunday 28 December 2014

AIB meets mortgage arrears restructuring targets, losses down to €1.7bn

Bank releases 2013 results with return to pre-provision operating profit

Published 05/03/2014 | 07:22

WAIT: David Duffy, chief of AIB, where shares are hovering around the 14c mark
WAIT: David Duffy, chief of AIB, where shares are hovering around the 14c mark

STATE-owned Allied Irish Banks has met its 2013 mortgage restructuring targets with offers made to 50pc of customers in arrears, the bank said today.

It added that it had reduced pre-tax losses to €1.7bn, or by 55pc, with AIB still on target reach profitability by year end.

The bank said it has already returned to pre-provision operating profit with a €2bn improvement in underlying performance.

Total operating income was up 34pc to €1.9bn while total provisions were down 25pc to €1.9bn.

“2013 was a year of steady progress at AIB as we implemented our strategic objectives which saw the bank return to pre-provision, pre-exceptional, operating profit for the year, said chief executive David Duffy.

”We are committed to supporting our customers and economic recovery in Ireland by providing credit and a wide range of products to our personal, business and corporate customers.

"We approved over €7bn in mortgage, personal, SME and corporate lending to the Irish economy during 2013 and we are targeting €7bn - €10bn in lending approvals, per year, over the next five years,” he added.

 

 

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