AIB revises its yearly forecast as profits soar

Published on Thursday 4 August 2005 12:20

ALLIED Irish Banks has reaped the benefit of strong economies in its core Irish and UK markets to report a forecast-topping rise in half-year profits.

Ireland's biggest listed company said profit on ordinary activities before tax jumped to around 589 million from 488m last year.

AIB also revised upwards its forecast for full-year earnings per share.

"The buoyant loan and deposit growth achieved in the full-year to June is expected to continue in the second half-year," the bank said.

AIB posted an 11 per cent rise in loans in the first-half.