AIB has confirmed it is in talks with the Irish Government to buy back some of the state’s shares in the lender after posting a pre-tax profit of €629 million (£521m) for 2021.
In a year where it closed eight Northern Ireland branches, reducing the network to just seven, the bank’s UK business, which includes its northern operation, recorded a £107m profit before exceptional items.
AIB, which was formerly known as First Trust, revealed a loan book of £2 billion in Northern Ireland during 2021, with around £400m in new lending last year.
Current accounts for the entire GB and Northern Ireland business stood at £6.9bn for 2021, up from 2020, with deposits holding at £3bn.
Confirming the plan to distribute €213m to shareholders, AIB’s chief executive, Colin Hunt described the bank’s 2021 performance as “strong”.
“It was a year of very significant progress across the group despite uncertainties related to the COVID-19 pandemic,” he said.
“We accelerated the delivery of our strategy and expanded our product suite to meet our ambition of being at the heart of our customers’ financial lives.
“Guided by our social licence to operate, we maintained and extended our position as a leading force for sustainability in Ireland.
“With a strong track record of delivery, we will build on this platform for growth and continue to simplify, streamline and strengthen our business to sustainably generate value for all our stakeholders.”
