AIB reports half-yearly profits of €762m

AIB reports half-yearly profits of €762m

AIB has reported steady first-half profits, lower bad loans and higher lending and capital for the first six months of 2018.

The bank's pre-tax profits to the end of June came to €762m, up from the €761m reported the same time last year.

AIB was helped by a €140 million gain from the sale of non-performing loans to a group led by US distressed-debt firm Cerberus.

AIB said it was entering the final stages of the tracker mortgage examination with payments issued to the vast majority of customers. The rest of the payments will be completed by the end of September.

"We know that issues may continue to emerge and we are committed to dealing with them in a transparent and fair way for our customers," the bank said.

AIB said efforts to reduce the level of non-performing loans on its books also continued with a 27% reduction from €10.2 billion to €7.5 billion - or 12% gross loans.

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