€10.2 billion losses but AIB ‘on road to recovery’

AIB management says the bank is on the road to recovery though it has reported an annual loss of €10.2 billion for 2010 and announced 2,000 job cuts.

Its 2010 financial results published yesterday showed last year’s loss was significantly up from the €2.3bn loss in 2009, with operating losses up to €12.1bn and losses per share stretching from 215.2c to 564c.

Executive chairman David Hodgkinson admitted the bank “owes its survival to the Irish taxpayer”, but added that the company — which still needs €13.3bn in extra capital after having been propped up by enough state aid to give the Government a near 93% stake — is now in recovery mode and should see significant financial growth in the next two years.