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AIB made a pre-tax profit of €437 million in the first half of 2014

The bank says that it has cut mortgage arrears and impaired loans.

Image: Sam Boal/Photocall Ireland

AIB HAS ANNOUNCED pre-tax profits of €437 million for the first half of 2014.

That figure represents a €1.3 billion improvement on the first half of 2013, with the bank saying that their funding and capital positions are “stable and improving”.

The profit comes on the back of a 36% rise in income to €1.25 billion and a drop in expenses of 9%.

In their half yearly statement, released this morning, AIB says that it approved a total of around €5.6 billion in lending in the first half of the year, a 33% increase on the same period in 2013.

Impaired loans have also decreased, by 10% on the end of 2013 and the total number of accounts in arrears in the Irish residential mortgage portfolio declined by 6%.

AIB CEO David Duffy says the bank had achieved its goal of returning to profitability this year.

“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 group has demonstrated its capacity to support economic recovery with loan approvals, including the UK, of around €5.6 billion, up 33% year on year.

“Our mortgage arrears and overall levels of impaired loans are reducing and our performance in the first half of the year saw a material reduction in provision charges.  As the Irish economy and the bank recovers, we remain focused on growth and maximising value for the Irish State, as 99.8% shareholder, and all other stakeholders over time.”

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