Belfast Telegraph

Profits rise at First Trust parent bank AIB as Ireland enjoys boon

By PA Reporter

First Trust parent bank Allied Irish Banks (AIB) is profitable, the bank has said as it released financial results for the nine months to the end of September.

The bank did not give a specific figure for its profitability, nor does it provide separate results for the activities of First Trust.

The improving situation Ireland-wide was boosted by a sharp rise in profitable new lending - including €800m (£627m) of mortgages, with total loan approvals up 40% to €9bn (£7bn).

But the results were also up thanks to paper profits the bank racked up as a result of rising property prices.

The results show that over-all lending at AIB declined to €64.7bn (£51bn) in the period, while the value of personal and business deposits fell by €1bn (£78m) to €66bn (£52bn).

AIB has joined Danske Bank and Ulster Bank in reporting profits for the first nine months of the year. Eamonn Hughes, an analyst at Goodbody Stockbrokers, said the results were positive.

Belfast Telegraph