Anglo Irish Bank confident of another strong year

Anglo Irish Bank told shareholders today the year had started "very robustly" and that it was confident of another strong performance in 2002.

Speaking to shareholders at the company’s AGM chairman, Mr Anthony O'Brien said: "Trading is well above the first three months of last year and is in line with our demanding targets".

He said the bank’s positive results last year, including a 46 per cent increase in pre-tax profits, would alleviate the effects of a downturn in the global economy.

He said: "It is the board's view that the bank's proven strategy of providing dedicated bespoke banking services to niche markets will continue to be the driver of success".

"We are focused on engaging in businesses only where we can add value to clients and where those clients value the relationship with Anglo Irish Bank," he said.

Commenting on the company’s 5 per cent share issue earlier this week he said: "The proceeds from this, which amounted to €64 million, will further strengthen our balance sheet and leave us well placed to capitalise on future acquisition opportunities".

He announced that a total dividend on shares for the year would be increased by 20 per cent to 10.44 cent per share.

Mr O’Brien was today replaced as chairman by Mr Peter Murray.

Shares in company were down 4 cents to €4.50 on the Dublin stock exchange at lunchtime today.