Allied Irish Banks (AIB) has reported a pre-tax profit of EUR1.9bn for 2015, a surge of 72% compared to the prior year.
The rise was driven by high quality new lending, continued progress on operating expenses and net credit provision write-backs of 925m, the bank said in its earnings statement.
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Total operating income increased 4% to EUR2.6bn from a year ago, while operating expenses dropped 8% on 2014.
Net interest margin increased to 1.97% from 1.69% in the prior year.
The bank has recorded EUR14.4bn in new lending approvals to customers. Lending drawdowns jumped 49% year-on-year to EUR8.7bn.
AIB CEO Bernard Byrne said: "There can be no doubt that the Group’s financial performance has confirmed our transition from a work-in-progress to a fully-functioning sustainable well-capitalised bank. This bank is now well-positioned to enable the State to recover its full investment of 20.8bn.
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By GlobalData"Our strong profitability, significant increased lending, material reductions in impaired loans, normalised capital structure and significant payments to the State made 2015 a milestone year for AIB."
