ILP on course for 20% profit

Irish Life and Permanent expects to deliver 25% growth in life and pensions operating profits and mid-teens percentage growth in banking profits this year, the bank said today.

This implies underlying profit growth of over 20% in its core operations, in line with previous guidance, the group said today in a trading statement.

Despite the positive outlook for this year, the bank acknowledged today that the global liquidity crisis will affect bank earnings next year.