AIB profits as M&T performs well

M&T Bank, in which AIB has a 22% stake, has reported net profits of $782 million (€645m) for 2005.

The New York-based bank, which has 650 branches across the US north-east coast, said the profits were 7% higher than in 2004 on the back of tight cost control and lower bad debt provisions. Earnings per share were 10% higher than in 2004, at $7.03.

For the final three months of 2005, the bank made profits of $205m, or $1.78 per share, just above analysts' earnings per share forecasts of $1.75 a share.