AIB to return to profitability within two years, says CEO Duffy

AIB has reported an after-tax loss of €2.3bn for 2011, but chief executive David Duffy said it remains on course to return to profitability within the next two years.

Last year’s loss was considerably down on the €10.2bn shortfall reported in 2010, with management enthusing about “significant progress” being made during the 12 months.

During that period, the company exceeded its own deleveraging targets and grew customer deposit levels, particularly during the second half of the year — a trend which has continued into the first quarter of 2012.