Allied Irish Banks: YTD Trade In Line With Expectations
DUBLIN (dpa-AFX) - Allied Irish Banks plc (ALBK.L, AIBYY.PK) announced the Group had a strong year-to-date performance with growth in Net Interest Income and underlying profitability.
Net Interest Margin increased 8bps to 2.16% by the end of third-quarter 2016 from 2.08% at first half 2016. New lending drawdowns in Ireland increased to 4.7 billion euros in the nine months to September 2016 which is 15% higher than the prior year period.
Performing loans, excluding FX impact, marginally increased from June to end September 2016 driven by new lending and cured loans, offset by redemptions. Impaired loans reduced by 0.7 billion euros in the same period to 10.6 billion euros.
CEO stated: "We continue to trade in line with expectations. We have strong underlying profitability, a robust capital base and an improving risk profile. This positions the Group well for future opportunities and challenges in a growing Irish economy. We paid a further 1.8 billion euros in capital and interest to the State in July on the maturity of the Contingent Capital Notes, making a total of c. 6.5 billion euros of payments to date. We are continuing to invest to support our strategic priority of creating better customer experiences through a simple and efficient operating model."
Copyright RTT News/dpa-AFX
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