NIB report strong six month performance

National Irish Bank reported a strong performance for the six month period up to June 30, 2007.

Figures released today reveal an increase in total income of 33% to €92.5m, and an increase in profit before tax to €12.8m, compared to a loss of €17.2m for the same period in 2006.

Underlying profit for the period rose 181% to €34 million. Unsurprisingly, mortgage lending increased by 52% with LTV Mortgage approvals reaching €1.7bn since its launch in October 2006.

Business and Corporate loans increased by 57%, with lending book growth standing at 51% and total deposits up by 32%.

Andrew Healy, CEO of National Irish Bank said: "The effect of eight consecutive ECB interest rate increases has stimulated many mortgage holders to consider the cost of their existing mortgage." Mr. Healy continued. "National Irish Bank's LTV Mortgage continues to represent the best value in the market. Despite a slowdown in the property sector and in mortgage lending at industry level, our LTV Mortgage has performed very strongly."

Figures also revealed that non-interest income had increased by 38% and customer deposits were up 32% to €3bn.

National Irish Bank's new Branch opening programme is also on target, with new branches now in Mallow, Co Cork and Cavan town over recent months and there are plans to open 15 new branches throughout Ireland over the next two years.