Readers like you keep news free for everyone.
More than 5,000 readers have already pitched in to keep free access to The Journal.
For the price of one cup of coffee each week you can help keep paywalls away.
Sam Boal/Photocall Ireland
# Back in black
AIB is giving out more mortgages and fewer people are in arrears
The bank says it is “profitable” this year.
FEWER PEOPLE WHO have mortgages with AIB are in mortgage arrears.
The bank, which received a partial bailout from the state in 2009, released an interim management statement today which shows that they are lending more and have restructured more mortgages.
The statement says that mortgage drawdowns in Ireland were around 29% higher in September at around €800 million. UK drawdown levels of €1.1 billion were around 54% higher with increased drawdown activity in the SME and mid-corporate sectors in Great Britain.
The total number of accounts in arrears in the Irish residential mortgage portfolio has declined by 11%, the bank says.
Total accounts in arrears for owner occupier mortgages were down around 15% and arrears levels in the Buy to Let portfolio also declined in the quarter.
AIB says it is meeting its targets in relation to the resolution of SME and mortgage customers in arrears with accelerated progress made in relation to concluding solutions.
They say that the third quarter of 2014 was “profitable and capital generative”.
CEO David Duffy said the company is meeting its strategic goals and wants to generate a return for the State.
“The bank is profitable, generating capital and has the capacity and appetite to meet increased lending demand in the economy.
“Delivering professional service at competitive lending rates to our customers lies at the heart of our strategy while, at the same time, ensuring the bank is generating an appropriate return for shareholders, including the Irish State.”
Read: Permanent TSB submit plan to the ECB a week early
Read: Ulster Bank is planning more ‘cost-saving initiatives’ after closing a bunch of branches
