Irish banks set to post profits haul of over €4.5bn, putting focus on lack of competition 

The three main Irish banks are set to report a combined annual profit of over €4.5bn.

The three main Irish banks are set to report a combined annual profit of over €4.5bn, a bumper haul that will put the focus back on local regulators and the lack of competition in the Irish banking market. 

Bank of Ireland and AIB will account for the lion's share of record pre-tax profits when they unveil their 2023 results next week, according to analysts' forecasts, reflecting a year when the lenders benefitted hugely from the hikes in interest rates by the European Central Bank even as they were able to pay out relatively low levels to deposit customers for their savings. PTSB, which reports the following week, is also expected to report a healthy level of profits its annual results.