Irish Life & Permanent reported total profit for 2002 of euro290 million compared to €48.6million in 2001. The bank said new business increased by 25 per cent over the year.
Commenting on the results, Mr David Went, IL&P's chief executive said "2002 was a year of solid achievement. At an operational level each of our key businesses enjoyed exceptional sales performances during the year; life sales in Ireland were particularly strong with growth of 25 per cent while mortgage sales rose by 28 per cent and bancassurance sales were up a very strong 50 per cent.
IL&P increased its dividend by 10 per cent. The company said it has madeimportant progress on the re-engineering of its key businesses.