AIB shares climb 5% as lender delivers record €2bn profits haul

Focus on Irish lenders following major lessening of competition in banking market

AIB chief executive Colin Hunt said the bank had 'an exceptional year'.

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, while facing little significant competition to pay out to attract deposits. The shares closed 5% higher on the outlook for the current year.    

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.