Sunday 17 December 2017

AIB expects to make profit next year

Donal O'Donovan

Donal O'Donovan

State owned AIB said it expects to make a profit in 2014 for the first time since the bank was bailed out by tax payers at a cost of over €20bn.

The chairman of AIB said the bank aims to return to a profit this year, excluding losses on boom era loans, and to make an outright profit next year.

Chairman David Hodgkinson said AIB has had to implement 'unpopular, difficult and challenging changes as a bank.'

He was speaking at the bank's sparsely attended annual general meeting in Dublin. More than 99pc of the bank's shares are held by the state leaving a tiny rump of private sector shareholders.

Over 80pc of home owners and 65pc of buy-to-let investors are up to date with their mortgages, he said.

The bank is meeting targets for lending to small business but demand for credit is subdued, he said.

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