British arm boosts bank’s profits

PROFITS at AIB’s Irish and British banking arms drove earnings higher last year, according to the bank’s annual results.

While earning per share growth for 2003 was only 3%, profits at its core banking operations here and in Britain were significantly ahead on 2002.

Pre-tax profits in Ireland were ahead by 14% on the previous at €637 million with €577m of this coming from the retail banking arm and a contribution of €60m from its pensions and insurance unit Arklife, which saw a 40% rise in sales in the second half of 2003.