AIB reports 16% drop in basic EPS
Allied Irish Bank has reported basic earnings per share of €50.6 for the half-year to June 2003, a decrease of 16%.
Adjusted earnings per share fell by 5% to €58.5.
The comparison of AIB’s performance in earnings per share (EPS) rather than pre-tax profit is seen as a more appropriate measurement of performance after the M&T/Allfirst merger and related share buyback of ordinary shares.
Both its Irish and British operations benefited from increases in banking fees and commissions powered by strong loan growth and higher volumes of business.
Ark Life, the AIB’s Life and Pensions division reported a 48% drop in profits due to the deadline of the Special Savings Incentive Accounts (SSIA) in mid-2002.
The bank said this reflected customer demand in the subdued savings market.
Corporate banking fees were reported as buoyant with a strong increase in income from arrangement and underwriting fees.
