Rising interest rates see AIB income rise by 70%

AIB's market share of account openings grew to 48% in the first quarter following the exit of KBS and Ulster Bank

Signage and logo are seen on a branch of an AIB. REUTERS/Clodagh Kilcoyne/File Photo

AIB has lifted its guidance for 2023 after it recorded a jump in total income in the March quarter following a series of interest rate hikes by the European Central Bank, with a seventh expected later today.

In a trading update, AIB said total income rose 70% in the first three months of the year due to tightening of monetary policy in an effort to drive down sticky inflation.