Monday 19 February 2018

AIB makes first profit since bailout

AIB makes first profit since bailout
AIB makes first profit since bailout
Donal O'Donovan

Donal O'Donovan

AIB has made a profit for the first time since the bank was nationalised.

The bailed out lender said it returned to profitability during the first three months of this year thanks to lower costs and fewer losses on boom era loans.

The bank has not said how much the profit was, saying the number will be reported with its half year results.

However, a spokeswoman said the bank did make a profit on a post provision basis - meaning it made money even after writing off the value of old loans.

There was a “significant reduction in impairment charges,” in the first quarter of the year as total impaired loans fell to €28.2b at the end of March compared to €28.9bn at end of last year.

Lending volumes were up by 60pc in the first three months of the year to €1.1bn, the bank said. 

 

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