AIB slumps to net loss of €741m after Covid-hit year

The bank's CEO, Colin Hunt, said the bank is making progress in a deal that will see it participate in the carve-up of Ulster Bank

The 71% State-owned AIB had signed an early-stage agreement with Ulster's parent NatWest to buy €4.1bn of its corporate loans. Photo: Larry Cummins

AIB chief executive Colin Hunt said the bank is making progress in a deal that will see it participate in the carve-up of Ulster Bank, as it posted a net loss of €741m for 2020, reflecting loan losses in the Covid-hit year.

It was revealed last month the Government had marshalled its State-owned banks, AIB and Permanent TSB, to play big roles in the acquisition of the €20bn in Ulster Bank's loan books, after the lender said it was exiting the banking market in the Republic.