M&T profits hit $573.m

M&T Bank, in which AIB has a 22% stake, has reported a 26% rise in net profits for 2003.

The bank recorded profits of $573.9m, or $4.95 a share, from $456.8m, or $4.78 a share in 2002, excluding exceptional items operating earnings increased to $660.9m, or $5.70 a share, from $489.2m, or $5.12 a share.

The results include that of Allfirst, the Baltimore-based bank sold by AIB to M&T in 2003 after the John Rusnak currency fraud scandal.