ACC posts strong results
As a result, operating profits rose to €62 million from €43m in 2003. Colm Darling, chief executive, was unavailable for comment because of annual leave.
The figures show total operating income grew by 23% to €155.7m while fee income increased from €24.1m to €29.1m - an increase of 21%.
At this point net fee income now represents 19% of total income.
Lending to customers grew from €4.4 billion to €6.1bn during the year, showing an increase of 39%. Gross assets at the bank rose 42% to €8.5bn during the year under review.
The bank said the sold year’s growth was boosted by a 39% increase in advances to customers.
In a statement with the results Mr Darling said the good performance was directly attributable to the progress “we have made in re-focusing the bank’s operations to concentrate on the business and agribusiness sectors, as well as the investment market.”
During the year the results were boosted by a €10m write back in the accounts. Bad debt provisions the previous year was over €6m while in 2004 the profit and loss account shows a plus figure for provision of over €3m implying a €10m write back over the period.
In his statement with the results he said with the support of Rabobank, ACC would continue to add to the group’s business presence in the Irish market.
In recent years ACCBank has repositioned itself within the Irish market to specialise in delivering products and services focused on the needs of business banking customers.
ACCBank became a wholly owned subsidiary of Rabobank in 2002. Rabobank has global assets of more than €440bn and is headquartered in Utrecht in Holland. ACCBank has achieved strong growth across all sectors, most notably in the retail, construction, healthcare and leisure sectors. With the support of its parent Rabobank since acquisition, ACCBank has been able to enhance its distribution and service capabilities to the Irish business community.
Rabobank’s experience in Ireland has been very positive and it is committed to the Irish marketplace.
