NIB profits up despite global market downturn

National Irish Bank has reported pre-tax profits of €6m for the first quarter of 2008, up from €3m the same time last year.

Figures released by the bank today also show that total income has increased by 14% to €47m from €41m.

During the first three months of the year, total lending increased by 27%. Mortgage lending was up 29% and business lending grew by 26%. Customer deposits rose by 14% year on year, while non-interest income increased by 7%.

Andrew Healy, CEO, National Irish Bank said: “Undoubtedly the economic slowdown, and in particular the continuing increase in the cost of funds, has resulted in tougher operating conditions.”

However, we have a very clear growth strategy and we're focused on building a powerful franchise which will compete aggressively in the long term,' he added.