Anglo Irish Bank reports 27 per cent rise in profits

 

Anglo Irish Bank posted a 27 per cent increase in half year profits driven by strong growth in lending both in Ireland and Britain.

For the six months to March 31st, 2002 the bank recorded a pretax profit of € 115.2 million.

Net lending grew by € 1.7 billion to € 13.2 billion, against the backdrop of both national and global economic decline following September 11th.

Earnings per share rose 20 per cent to 24.71 cents. The bank declared a 17 per cent increase in the interim dividend payment to 4.2 cents.

Mr Sean FitzPatrick, chief executive, said: "Our strategic objective is to continue to build solid repeatable income streams capable of consistently generating above average growth in earnings per share".

Anglo Irish said it expects lending in Britain to make up 50 per cent of its total advances in the next five years.

Britain currently represents 39 per cent of the bank's total loan book.

Anglo Irish said its board recently commissioned an independent examination of controls, procedures and practices by the bank within its treasury division.

"This examination has largely been completed and no potential weaknesses have been identified," said the bank.