Profits Of Anglo Irish Bank Shoot Up By 28 Pct
Written by JDPGlobal | Tuesday, 29 November 2005
The Anglo Irish Bank, which is a property lender, has increased its full-year profit, assisted by buoyant conditions in the Irish commercial property market. The bank said that the pretax profits for year to September 30 were 685.2-mln euros, which is an increase on the previous year. According to a survey of three analysts, Anglo Irish had been expected to deliver profits. The strong loan growth was driven by the improvement, and the total lending went up to 40 pct yearly at 34.4 bln euros.
Ireland accounts for the majority of the augmentation. Meanwhile, the United Kingdom loan books increased more moderately. An analyst at Keefe, Bruyette & Woods wrote in a note that Anglo Irish had had another exceptional year. The bank quipped that the viewpoint for the months ahead was heartening, with lending work in progress seen as an indicator of future revenues.
Chief executive David Drumm said in a statement that they’re confident of the future of the bank. The final dividend was at 9:03 cents per share that gave an aggregate payout for the year of 13.54. There was an augmentation of 20 per cent. By the time the clock came to 8:05 am, Anglo Irish shares were up 3 per cent at 11:35. The group was valued at 7.7 bln euro.
