AIB's US subsidiary, First Maryland Bankcorp has reported a 9 per cent rise in after-tax profits from $31.0 million (£19.3 million) to $33.7 million (£21 million) in the three months to the end of September last.

According to quarterly figures issued yesterday, First Maryland has recorded net profits of $96.3 million (£60.1 million) in the first nine months of 1996 compared with $88.7 million (£55.4 million) in the same period last year. AIB group chief executive, Mr Tom Mulcahy said asset quality remains strong, with non-performing assets of $60.8 million (£37.9 million) amounting of 0.56 per cent of its total assets.