By Michael Susin
AIB Group said net profit for 2024 rose, supported by a robust increase in lending and a solid economic backdrop, and that it is in talks regarding a new share buyback.
The Irish bank on Wednesday said net profit for the year increased to 2.35 billion euros ($2.50 billion) from 2.06 billion euros in 2023.
The company said that net interest income rose 7% to 4.13 billion euros, lifted by higher average interest rates.
It added that return on tangible equity was 26.7%, and new lending grew by 17% to 14.5 billion euros.
Looking ahead, AIB said it expects return on tangible equity in 2025 to be meaningfully ahead of its midterm target of 15%.
The board has proposed a dividend of 36.984 European cents a share, nearly 40% higher than last year.
Additionally, it said that discussions regarding a further 1.2 billion-euro share buyback are underway.
The company said it is on track to return to full private ownership, with the Irish state's shareholding currently at 12.39%.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
March 05, 2025 02:39 ET (07:39 GMT)
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