SME & Mortgage lending fuel NIB figures
Pre-tax profits at National Irish Bank were up almost 160% on the 2002 figure to €36.5m, the bank announced today.
Net interest income of €92.8 million in 2003 was €9m, or 11% higher than in 2002, reflecting good balance sheet growth.
The figures were powered by lending to small businesses, mortgage lending, customer deposits and improved efficiency.
Lending to the SME business market grew by 18% reflecting the continued demand in this sector for our flexible and innovative products and dedicated relationship management, the bank said.
Mortgage lending increased by 12% while customer deposits grew by 7%.
Customer registrations and usage of its new internet banking service launched in March this year exceeded expectations, NIB said.
Commenting on the results, Don Price, Chief Executive, NIB said: "It has been an excellent year for National Irish Bank and we are now securing the benefits of getting the basics right.
“Customer service has improved, our lending book is in good shape, we are growing the franchise and a sound financial performance has been achieved.
“This provides a robust platform to pursue further growth in the year ahead," Price added.
NIB is part of the National Australia Group which hopes to merge its UK-based Clydesdale and Yorkshire Banks during 2004, subject to regulatory approval there.
