AIB to buy back 500m in State-owned shares after 1.1bn H1 profit [Video]

AIB is in discussions with the Department of Finance to buy back a further €500m in State-owned shares after reporting a €1.1bn profit for the first half of 2024.

Total revenue at the bank increased 12% year-on-year to €2,470m, including net interest income of €2,075m, up 18% due to higher interest rates and average customer loan values.

Fee and commission income increased 10% to €336m due to higher transaction values, and other income fell 14% €395m without the benefit of the €138m gain from the acquisition of Ulster Bank laons.

AIB has revised upwards its full-year net interest income guidance up from €3.65bn to €4bn with expectations that deposit rates at the European Central Bank and Bank of England will decline to 3.25% and 5%, respectively by December. Net interest margin for H1 was 3.24%, up from 2.9% a year prior.

AIB’s costs increased 6% to €947m as the bank added staff and …