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AIB returns to profit in Q1; confident of meeting guidance
StockMarketWire.com
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Irish banking group AIB said it returned to profit in the first quarter of the year and said it was 'confident' of achieving our 2021 full year guidance.
Total income decreased 4% in Q1 resilient, with net interest income down 13% and other income up 36%.
Net interest margin in the quarter was 1.66%, 4 basis points lower than the Q4 20 exit NIM of 1.70%.
Net credit impairment charge of €50 million was seen in Q1, but with 'positive trends emerging and the return to a more normalised credit environment, we expect our full year cost of risk to be at or below our previous guidance of c. 40bps,' the company said.
'Following a return to profitability in the first quarter and the phased re-opening of the economy, we are confident for the remainder of the year,' it added.
'We remain comfortable with the guidance provided to the market at our full year results in March 2021 and outlined above.'
At 9:56am: (LON:AIBG) AIB Group Plc share price was 0p at 1.27p
Story provided by StockMarketWire.com
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