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Allied Irish Bank annual profit slumps as bad debt provisions, lower rates bite
StockMarketWire.com
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Allied Irish Bank reported a sharp fall in annual profit as lower interest and and sharp downturn in fee and bad debt provision hurt income.
For the year ended 31 December 2020, operating profit fell to €729 million from €1,087 million year-on-year as net interest income slipped 10% to €1.9 billion.
Expected credit loss charge of €1,460m and exceptional items of €215m.
'While in the near term, uncertainty remains high, overall we remain positive in our return to profitability in 2021 and a resumption of normal dividend distributions in line with regulatory guidelines,' the company said.
At 9:43am: (LON:AIBG) AIB Group Plc share price was 0p at 1.27p
Story provided by StockMarketWire.com
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