Allfirst buyer M&T's 2003 profits soar

US banking group M&T, in which AIB has a 22.5% stake, said today that 2003 net income rose 26% to $574m, lifted by earnings from Allfirst.

AIB took the stake in M&T last year as part of a deal to sell Allfirst in September 2002, just months after it uncovered a currency fraud at Allfirst that cost AIB almost $700m.

For the fourth quarter to December, net income at M&T was up 41% to $167m.