AIB has announced today a pre-tax profit of €1.1 billion for 2014. This marks a return to annual profit, the first since 2008 and is an improvement of 148% from 2013.
AIB Annual Financial Results: Reported Profit of €1.1bn for 2014
David Duffy announced today a pre-tax profit of €1.1 billion for 2014 which marks AIB’s return to annual profit, the first since 2008. This profit before tax from continuing operations represents a €2.8 billion or an improvement of 148% in performance compared to 2013.
A summary of AIB’s Annual Financial Results are as follows:
AIB’s total income increased by 31% to €2.5 billion and operating expenses dropped by €67 million, showing a 5%* decline from 2013. Net Interest Margin excluding eligible liability guarantee costs for 2014 was 1.69%, up from 1.37% in 2013.
The total lending of the bank was €5.9bn in 2014, double the amount of 2013 and the total value of impaired loans to the bank decreased by €6.7bn representing a 23% decline since December 2013. Additionally, the level of accounts in arrears in the Irish residential mortgage portfolio declined by 18% in 2014.
David Duffy, CEO said “2014 saw AIB successfully execute its three year plan to deliver a bank that is sustainably profitable, adequately capitalised and appropriately funded. We have a strong momentum in our business and are committed to supporting our customers by understanding their needs, providing suitable solutions and serving them through our branches, online and on the phone. We are focused on growing our lending to support the Irish economy and delivering sustainable returns for our shareholders.”
Richard Pym, Chairman said “The 2014 results demonstrate the significant progress made in the recovery of AIB. Rebuilding public confidence and trust in the bank is paramount. Our focused leadership team, dedicated workforce, clear strategy and improved risk governance will continue to progress us to that goal.”
To view full details on the financial performance of AIB in 2014 including notes to financial statements and all disclosures, please visit investorrelations.aib.ie today.
Allied Irish Banks, p.l.c. is regulated by the Central Bank of Ireland.