Depfa Bank the Dublin based public lender posted a 51 per cent increase in first quarter profit to €125 million, the highest quarterly ever recorded by the bank.
Total revenues were up 34 per cent on the same quarter last year while total net interest income also rose 34 per cent to €107 million.
Depfa which specialises in lending to Germany's regional governments and city councils, said it is also targeting the US as one of its major growth markets.
Depfa relocated to Dublin's IFSC for tax purposes and is fully incorporated under Irish law, with a network of subsidiaries and branch offices across Europe, as well as in the US, Japan and Hong Kong.