AIB set to pay Government €280m dividend

AIB will pay a €280m dividend to the Government in May as it begins the process of repaying €21bn in State aid.

Last year’s €1.1bn pre-tax profit was its first profit since 2008 and a massive €2.8bn improvement on the €1.7bn loss posted in 2013. The turnaround was achieved on a much improved underlying performance as well as a huge reduction in the level of loan impairments.

Compared with 2013, there was a 37% increase in lending approvals last year to reach a total of €13.2bn. Drawdowns for the year were €5.9bn, which is a 50% increase on the previous year. Impaired loans fell by €6.7bn during 2014 to €22.2bn by the end of the year.