Business Irish

Thursday 28 August 2014

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

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

Ailish O'Hora

Published 05/03/2014 | 07:22

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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.

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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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