Arab Today, arab today bailedout allied irish bank posts return to profit
Last Updated : GMT 16:48:32
Arab Today, arab today
Arab Today, arab today

Bailed-out Allied Irish Bank posts return to profit

Arab Today, arab today

Arab Today, arab today Bailed-out Allied Irish Bank posts return to profit

An AIB Bank Automated Teller Machine
Dublin - AFP

Ireland's state-rescued Allied Irish Banks bounced back into profit in the first half as bad loan charges and operating costs fell, it said on Wednesday.
Pre-tax profits stood at 437 million euros ($586 million) in the six months to the end of June, a switch from a loss of 838 million euros a year earlier, AIB said in a results statement.
Net profits, or earnings after taxation, hit 411 million euros in the reporting period. That compared with a loss of 758 million euros last time around.
That marked the first time that AIB was back in profit in the first half since 2011, when it was lifted by exceptional factors including asset sales.
Before that, the troubled bank had last made a first-half profit in 2008, just before the Irish government received a vast international bailout -- which the eurozone nation exited late last year.
- Returns to profitability -
"AIB has achieved its stated aim of returning to sustainable profitability on a post provision basis in 2014 with our half-year results reflecting strong improvements in margins, funding position and capital ratios," the bank said.
The Dublin-based group added that it expected to remain in profit for the year. That would be the first full-year profit posted by the bank since 2008 -- and increases the likelihood of Dublin divesting some of its 99.8-percent stake in the near future.
"Next year is the year if a stakeholder like the government wants to monetise its investment it can do at any point from that stage onwards," AIB chief executive David Duffy told Irish radio on Wednesday.
The announcement comes as a major cost-cutting operation continues at the bank, with operating expenses dropping 9.0 percent to 686 million euros in the period from January to June.
Allied Irish Banks is one of two main "pillar" banks created in an overhaul of the Irish banking system, comprising Bank of Ireland, and a merged AIB and the Educational Building Society (EBS).
The state injected a total of 20.8 billion euros into AIB and its EBS subsidiary, taking a stake of 99.8 percent in the group after the collapse of the Irish banking sector.
AIB said that operating income rose by 36 percent to 1.24 billion euros in the first six months of this year.
In another positive development, the burden of bad or doubtful loans had fallen by 3.2 billion euros or 11.0 percent since June 2013.
"This reduction reflects improving economic conditions coupled with restructuring activity completed with customers in difficulty, partially offset by a growth, albeit at a slower pace, in new impaired loans," Duffy added.
- Signs of economic recovery -
The Irish economy is showing signs of recovery after years of crisis caused by massive debts and a domestic banking crisis that forced the eurozone nation to seek an 85-billion-euro EU-IMF rescue in November 2010.
But the bank warned it still faced a number of challenges including a shrinking loan book and the need to resolve more impaired loans.
AIB last posted a half-year profit in 2011 but only after selling 3.09 billion euros of Polish assets and executing a favourable debt buyback scheme.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bailedout allied irish bank posts return to profit Arab Today, arab today bailedout allied irish bank posts return to profit

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Air raid kills eight women, child

GMT 06:42 2017 Friday ,17 February

Air raid kills eight women, child
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 15:16 2017 Sunday ,19 February

Apple to start India operations with iPhone SE

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday