Dublin-based bank Allied Irish Banks (AIB) has announced a significant 31% rise in its pre-tax profit, reaching almost €1.3 billion (£1.1 billion) for the first half of 2024. According to BBC News, this notable increase comes amid the robust performance of the Irish economy and solid domestic growth in the previous year.
Despite the overall positive financial results, AIB’s UK operations saw a decline in profit by 17%, dropping from £107 million to £89 million. The reduction was attributed to increased costs associated with bad loans.
Colin Hunt, AIB’s chief executive, emphasised the bank’s strong performance and future prospects, noting AIB had a “very strong financial performance” and that they were confident about being able to leverage Ireland’s economic strength. “We remain optimistic about the opportunities that lie ahead over the remainder of this year and into 2025, bolstered by Ireland’s economic resilience,” he said.
