DUBLIN, Ireland, Feb. 19, 2003 (PRIMEZONE) -- AIB Group (NYSE:AIB) (LSE:ALBK) Chief Executive Michael Buckley said: "2002 was a year of slowing economies and difficult financial markets. AIB also had to deal with the foreign exchange trading fraud in Allfirst. The 6% growth in adjusted earnings per share represents a strong performance in these circumstances. Strong growth in customer revenues was combined with our longstanding prudent approach to risk assessment.
Business volume growth in Ireland, Britain and Northern Ireland was very buoyant with significant market share gains. Our operating and credit risk management performance in Poland was good in a challenging business environment. The Allfirst business remains stable as we finalise the transition to M&T Bank. We look forward to another strong underlying profit performance in 2003."
Highlights - AIB Group Annual Results 2002
- Adjusted earnings per share EUR 123.0c, up 6% over 2001 market
base(a) of EUR 116.0c
- Attributable profit Euro 1,037m, up 4%(b)
- Return on equity 22.4%
- Tier 1 capital ratio 6.9%
- Total dividend of EUR 49.06c, up 12%
- Income/Costs gap + 2%(c)
- Operating profit before provisions up 10%(b)
- Credit provision charge equals 0.37% of average loans
- Other provisions increased to Euro 57m
Divisional operating profit before provisions
- AIB Bank ROI up 5%
- Banking operations up 11%
- Ark Life down 32%
- USA up 4%
- AIB Bank GB & NI up 9%
- Capital Markets up 14%
- Poland up 36%(c)
(a) 2001 adjusted to exclude the exceptional item (exceptional
foreign exchange dealing losses -- see note 6(b)(see enclosed
link) for further details), the profit from the sale of AIB's
interest in KCH, Poland restructuring costs and the additional
unallocated credit provision.
(b) Excluding the exceptional item in 2001.
(c) Excluding restructuring and integration costs in continuing
businesses.
To view this release in its entirety, including financial tables, please click the link: http://reports.huginonline.com/892311/113682.pdf