Irish banks set to remain profitable despite declining rates

S&P Global says credit growth, cross-selling activities, tight cost controls, and benign economic environment worked in banks' favour

Bank of Ireland posted a record annual pre-tax profit of €1.9bn for 2023. Picture: Colin Keegan

Ratings agency S&P Global has maintained its positive outlook for AIB and Bank of Ireland, saying their profitability will remain solid despite declining interest rates.

In its latest report, the agency said continued credit growth, cross-selling activities, tight cost controls, and a still benign economic environment worked in the two banks' favour.