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(Alliance News) - AIB Group PLC on Thursday reported a first quarter total income rise and launched a EUR91 million buyback, which will also see the Dublin-based lender repurchase its own shares from the Irish government.
AIB shares were 6.0% higher at EUR184.00 each in London on Thursday morning.
In the first quarter of 2022, total income rose 4%, with AIB hailing its "diversified income streams". Net interest income alone was "stable", while "other income" climbed 14%.
"New lending grew by 18% in Q1 and, with an enhanced suite of sustainable propositions, green lending represented 22% of new lending. We are conscious that higher prices are affecting our customers and we will continue to support them and the wider economy through the challenges ahead, just as we did during the pandemic," Chief Executive Colin Hunt commented.
For the whole of 2022, AIB lifted net interest income guidance. AIB now expects net interest income to rise by a "high single-digit percentage". It had initially guided for stable net interest income.
CEO Hunt added: "Notwithstanding heightened geopolitical risk and uncertainty internationally, the Irish economy remains strong. While maintaining a focus on cost discipline, we continue to execute our strategy at pace, delivering both inorganic and organic growth."
The company unveiled a buyback of up to EUR91 million of shares. This will include on-market purchases and directed repurchases from the Irish government.
In December, the Irish government said it intended to sell part of its roughly 70% stake in AIB, through a trading plan managed by Merrill Lynch International.
By Eric Cunha; ericcunha@alliancenews.com
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