ACC reports €27.4 million in pre-tax profits

ACCBank, the former State-owned bank, has reported a pre-tax profits of €27.4 million for 2002, a slight fall on 2001.

ACCBank, the former State-owned bank, has reported a pre-tax profits of €27.4 million for 2002, a slight fall on 2001.

The figure excludes a number of exceptional charges, including €8.5 million linked to the sale of the bank and €1.8 million for a voluntary redundancy scheme.

The bank, which is now owned by Dutch bank Rabobank, said earnings were boosted after the bank eliminated "unprofitable activities and streamlined processes".

Total operating income rose by 10 per cent to €102 million last year, while costs increased by a nine per cent.