AIB posts record profits haul of €2bn for 2023 on back of soaring interest rates

AIB said it expects to generate net interest income levels of more than €3.6bn this year, as the ECB and Bank of England cut interest rates through the year. Pic: REUTERS/Clodagh Kilcoyne/File Photo

AIB has posted a record annual profit haul of €2bn after the lender tapped the surge in European Central Bank interest rates that has driven income, and faces little significant competition to pay out to attract deposits.

The profit compares with the €765m in after-tax profits the lender made in 2022 as net interest income soared to over €3.8bn from a restated €2bn in 2022, reflecting the interest rate hikes, or “the changed interest rate environment and higher average customer loan volumes”, AIB said in its earnings statement.