AIB in profit and cuts mortgage rate
Allied Irish Banks (AIB) remained profitable in the first quarter after clawing back more money put aside for bad loans, the lender said, and announced a cut to its standard variable mortgage.
After exceeding expectations with the sale of a 25 per cent stake in permanent tsb, the Irish government has turned its attention to AIB and is considering a similarly sized sale in the next country’s number two lender.
Finance Minister Michael Noonan said he would wait until the bank’s half-year results before a decision and AIB said its net interest margin, loan book and capital ratios, all key measures, had increased in the three months.