29th Jul 2022 11:39
AIB Group PLC - Dublin-based bank - Reports surging interim profit as it benefits from net credit impairment writeback. Pretax profit in the half-year to June 30 grows 84% to EUR537 million from EUR291 million a year ago. Posts net credit impairment writeback of EUR309 million, tripled from EUR103 million.
Net interest income grows 2% to EUR895 million from EUR881 million due to lower funding costs. "We now expect net interest income to increase by around 10% in 2022 compared to 2021," AIB adds.
Regarding its outlook, bank says: "The main risks to the economic outlook during the reporting period are 'stagflation' in the group's main markets, geopolitical developments associated with the war in Ukraine and the spread of new vaccine-resistant strains of the Covid-19 virus." Staflation means high price inflation at a time of slow economic grow.
Current stock price: 185.30 pence, up 0.9% on Friday
12-month change: up 2.4%
By Tom Budszus; [email protected]
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