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05/03/2015
AIB Returns To Profit
AIB returned to full-year profit in 2014, announcing €1.1bn profit for the year, compared with a loss of €1.7bn in 2013.
This return, according to the Department of Finance, will amount to €20.8bn investment for the taxpayer over time.
Lending approvals and drawdowns increased over the year, with lending to businesses and individuals in Ireland rising by €1.2bn (43%) in 2014 to €4.2bn. Approvals increased by €2.7bn (31%) to €11.3bn, while mortgage lending increased to €1.3bn in 2014, up 34% year on year.
Minister for Finance Michael Noonan said: "The strong results announced by AIB today are very encouraging and demonstrate the significant progress made in returning the bank to a position of strength.
"AIB is becoming an increasingly valuable asset and today's results put the taxpayer in a strong position to regain the €20.8bn investment in the bank. Our attention now turns to the process of examining the range of options available to recoup this investment for the taxpayer.
"While our focus is currently on restructuring the bank's capital base, this is just the start of the process. All options remain on the table and it is too early to specify what steps will be taken next or to put a timeline on decisions.
"I further welcome the bank's announcement of its intention to pay its first cash dividend of €280m on the Preference Shares held by the State in May 2015."
(IT/JP)
This return, according to the Department of Finance, will amount to €20.8bn investment for the taxpayer over time.
Lending approvals and drawdowns increased over the year, with lending to businesses and individuals in Ireland rising by €1.2bn (43%) in 2014 to €4.2bn. Approvals increased by €2.7bn (31%) to €11.3bn, while mortgage lending increased to €1.3bn in 2014, up 34% year on year.
Minister for Finance Michael Noonan said: "The strong results announced by AIB today are very encouraging and demonstrate the significant progress made in returning the bank to a position of strength.
"AIB is becoming an increasingly valuable asset and today's results put the taxpayer in a strong position to regain the €20.8bn investment in the bank. Our attention now turns to the process of examining the range of options available to recoup this investment for the taxpayer.
"While our focus is currently on restructuring the bank's capital base, this is just the start of the process. All options remain on the table and it is too early to specify what steps will be taken next or to put a timeline on decisions.
"I further welcome the bank's announcement of its intention to pay its first cash dividend of €280m on the Preference Shares held by the State in May 2015."
(IT/JP)
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