Anglo Irish sees profits rise 35%
Anglo Irish Bank today produced a sparkling set of half-year results with pre-tax profits up a whopping 35% to €308.4 million.
New chief executive David Drumm said it was an excellent first-half performance for the bank.
“Record loan growth, stable lending margins and robust asset quality underlie these results. In addition, our treasury and wealth management divisions continued to generate high quality revenue and profit growth,” he told the Evening Echo.
“Lending work in progress stands at €4.9 billion, demonstrating the ongoing development of the bank’s franchise across our key markets. We have continued to invest significantly in our people, thereby ensuring the bank is best equipped to capitalise on its long-term potential.
“This investment demonstrates our confidence in the bank’s future,” he added.
The number of staff at the country’s third largest bank rose 17% to 1,315.
Chairman Sean FitzPatrick, commenting on the six months results to March 31, said total loan balances now stand at €28.7 billion.
“Total loan balances now stand at €28.7 billion. This growth has been achieved across all markets with our Irish, UK and US operations delivering net increases of 19%, 15% and 26% respectively.”
Mr Fitzpatrick said the board is confident of the bank’s prospect for the remainder of the year.
“Lending work in progress at March 31, 2005, was at record levels at €4.9 billion. In addition, the group’s treasury and wealth management divisions continue to expand and increase their contribution to the group’s performance.
“The outlook for the Irish and UK economies, which are core to us, remains positive and the strength of the bank’s presence in each market positions us well for future growth,” added Mr FitzPatrick.
Satellite TV group BSkyB today recorded stronger than expected subscriber growth in the third quarter, although the costs of attracting these new customers has also continued to rise.
The satellite television broadcaster achieved net direct to home (DTH) subscriber growth of 95,000 in the quarter, up from 66,000 in the corresponding quarter last year.
Pre-tax pre-exceptional profits rose by more than 50% to €209 million.
Revenues climbed 9% to €1.02 billion.
