AIB reveals pre-tax profits of €0.8bn in Half-Year Financial Statement

Today’s Half-Yearly Financial Results 2017 Announcement from Allied Irish Banks has revealed profit before tax €0.8bn.

The report detailed €7bn of new lending approvals to customers, €4.3bn of new term lending drawdowns - a 15% increase year-on-year with strong new lending growth in mortgages.

The bank said that impaired loans were reduced to €7.8bn, down c. €1.3bn since December 2016 and c. €21bn since December 2013.

Non-performing loan exposures were further reduced by €2bn to €12.1bn.

AIB's profit from continuing operations has fallen by 25%, however.

It also spent €24m on its ongoing voluntary redundancy programme.

Commenting on the results Bernard Byrne, CEO said: “The successful relisting of the company on the Dublin and London Stock Exchanges, supported by a strong underlying financial performance and the reinstatement of an ordinary dividend were the highlights from a very positive first half.”