Pretax profits at National Irish Bank (NIB) grew to €28 million last year to December up from €4 million the previous year.
NIB said that underlying profit - before the costs of integration are included - had more than doubled last year to €79 million.
Noting that economic growth had slowed last year, the results showed lending increased by 35 per cent in 2007 to €9.3 billion, compared with the previous year.
Mortgage lending increased by 41 per cent, and NIB claimed to have estimated it had secured over 15 per cent of the switcher market in 2007. NIB said that despite a growth in lending and deposits activities since 2005 the number of staff has fallen by 18 per cent.
The bank said deposits increased 12 per cent, with retail deposits increasing 11 per cent with corporate deposits growing 14 per cent.
The NIB results also make provision for €16 million in credit loss expenses, with a large proportion of this relating to provisions made in relation to two solicitors.
NIB is owned by Danske Bank which today reported a smaller-than-expected 4 per cent rise in pretax profit for 2007. However, its shares were lifted by a confident outlook.
Danske said it made a pretax profit of 19.3 billion Danish crowns (€2.58 billion) last year. Analysts in a Reuters poll had on average forecast a profit of 19.7 billion.
The bank said it expected turbulence in the capital markets to subside gradually in the first half of 2008, although it will likely lead to increased funding costs. It saw net profit this year unchanged to 7 per cent higher.