AIB back in the black after Covid-19 crisis prepares to benefit from exit of rivals

AIB - which is 70%-owned by the Government - will acquire €4.2bn in performing corporate loans in the carve-up of the NatWest-owned Ulster, and also plans to buy back broker Goodbody

Its pre-tax profit of €291m in the six months to the end of June compared with a loss of €909m a year earlier. File Picture: Mark Stedman/RollingNews.ie

AIB was black in the first half of the year as it became the second of the two big lenders to show the banking industry is returning to some sort of financial health following the huge hit from the Covid-19 economic crisis.

Chief executive Colin Hunt said the bank had made “solid progress” and has revisited its financial targets to reduce costs and boost returns as it prepares to benefit from the consolidation in Irish banking amid the exit of rivals Ulster Bank and KBC.