AIB looking on course for a better year
First Trust parent company Allied Irish Bank (AIB) has reported strong profitability, increased lending and reductions in impaired loans for the first three months of the year.
AIB chief executive Bernard Byrne said the bank had continued a positive trend from 2015 and claimed a focus on growth, a more efficient operating model and improved funding costs had enabled the business to improve its performance.
In a trading update released to shareholders yesterday morning, AIB posted a net interest margin of 2.09% - an increase on the 1.97% for the full year of 2015.
New lending drawdowns also increased by 17% in the period as the bank held onto its leading market shares in both retail and business sectors in the Republic of Ireland.
Impaired loans dipped €1bn (£0.76bn) to €12bn (£9bn), while mortgages in arrears fell 4%.
The company does not provide a figure for its profitability and does not break down the results for First Trust, which has 30 branches and 700 employees in Northern Ireland.