AIB chairman says bank 'in better shape than ever'
The chairman of AIB, Dermot Gleeson, has told the company's AGM the bank is "in better shape than ever before".
Mr Gleeson was speaking at the bank's Annual General Meeting in Bankcentre, Dublin today.
He said that restructuring costs in the company's US subsidary Allfirst, merged with M&T, and a cost reduction programme in BZWBK in Poland, coupled with the strength of the euro, had hit profits.
"The outcome of all this was a very complex, even confusing set of results, even though the final figures were within the expectations of the market," he said.
The chairman said that the changes will benefit AIB in the long term, however.
"The positive effects of the decisions made by the management team last year will become more apparent in 2004 – and, even more so, in 2005.
"2003 was a challenging, maybe even a difficult, year. But if you examine it closely, it’s clear the underlying business has been strengthening and expanding," said Mr Gleeson.
"AIB will continue to grow in the long term. It’s a good place to have your money invested now and in the future."
AIB shares were being traded heavily on the Iseq today with shares trading at €12.30, up 0.82% at 1.30pm.
