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(Alliance News) - AIB Group PLC on Wednesday said profit was up by almost half as it raises dividend on the back of strong results.
The Dublin-based bank reported total operating income for 2022 was EUR2.90 billion, up 21% from EUR2.38 billion in 2021.
Pretax profit was EUR880 million, increasing 40% from EUR629 million a year ago.
AIB said net interest income was EUR2.16 billion, up 20% from EUR1.79 billion in 2021. The company noted that the increase was driven by increased asset yields due to higher interest rates, as well as higher than average customer loan volumes reflecting the acquisition of Ulster bank corporate and commercial loans.
The company said it expects net interest income greater than EUR3.0 billion in 2023, with a net interest margin of 2.40% compared to 1.74% in 2022.
"Protecting and supporting our customers is paramount so we will maintain a conservative approach to our underwriting standards and engage proactively with customers in difficulty," the company said.
The company said earnings per share was EUR0.26, up 22% from EUR0.21.
AIB declared a dividend of 6.2 euro cents per share, up from 4.5 cents in 2021.
Chief Executive Officer Colin Hunt said: "Having announced our medium-term targets in December 2022 and with a strong start to 2023, we are well on track to generate shareholder value and deliver sustainable returns in the interests of all our stakeholders."
AIB shares were up 2.8% trading at 373.00 pence per share on Wednesday morning in London.
By Harvey Dorset, Alliance News reporter
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