AIB warns euro will lower profits

AIB Group, the country’s leading bank, said that the strengthening of the euro will result in lower than previously expected profits in the current financial year.

It also said it is to embark on another share buy back, but did not give any details of its plans in pre close statement issued yesterday prior to publication of first half results on 29 July.

The bank said full-year earnings per share would be affected by the gains made by the sharp rise in the value of the euro in the current year.