Anglo Irish Bank profits pass €1bn mark

PROFITS at Anglo Irish Bank passed the €1 billion mark for the first time, though the lender says it expects earnings growth to slow in the coming year.

Pre-tax profits at the bank, which lends mainly to property developers, rose by 46% to €1.24bn in the year to end September as lending surged by 37%.

Anglo said lending in the 12 months rose by €18bn, or 37%, to €67bn.