Allied Irish Banks Turns To Profit In H1; Sees Profitable Performance Ahead

(RTTNews) - Allied Irish Banks Plc (AIBYY.PK, ALBK.L) reported Wednesday that its first-half pre-tax profit was 437 million euros, compared to loss of 838 million euros a year ago.

Profit from continuing operations before exceptional items was 479 million euros, compared to loss of 569 million euros last year.

Total operating income went up 36 percent to 1.25 billion euros from 919 million euros a year ago. Net interest income climbed 36 percent to 807 million euros.

Net interest margin excluding ELG was 1.60 percent, a 32 basis points increase from 2013.

Total provisions declined 88 percent to 92 million euros.

Looking ahead, the company said it expects the underlying operating performance to remain profitable for the remainder of 2014, subject to continued stabilisation in economic conditions and the conclusion of the Comprehensive Assessment.