AIB to return to the black next year with sale or part sale

AIB will return to profitability for the first time in five years this year with a potential sale or part sale of the bank possible from the first half of next year onwards, according to chief executive David Duffy.

The 99.8% State-owned bank recorded a post-provision loss of €1,687m for 2013, which is a €2bn improvement on the previous year. Operating profit was €445m compared with a €324m operating loss for 2012.

The total level of provisions booked for 2013 was €1.9bn, which was a 25% drop on the previous year.