A buyback of that scale equates to close to 4 per cent of AIB shares
AIB said it is in talks to buy back a further €500 million of shares from the State after it posted a 30 per cent increase in its net profit to €1.11 billion.
AIB sees its net interest income amounting to about €4 billion for the full year, up from a projection for a figure in excess of €3.65 billion. It estimates the ECB’s deposit rate will fall to 3.25 per cent by the end of 2024 from 3.75 per cent currently. It had previously factored in a decline in the official rate to 2.75 per cent.
“Following a very strong first half and with momentum in our business we are well on track to support our 3.3 million customers, our communities and the wider economy while delivering attractive, sustainable returns for our shareholders.” The group’s non-performing loans ratio rose to 3.2 per cent from 3 per cent in December. Still, it said that loan quality “remains resilient and we continue to carefully manage the loan book, particularly in those sectors impacted by inflationary pressures and higher interest rates”.
The bank secured approval at its annual general meeting in May for it to carry out so-called odd-lot offer to acquire as many as 20 shares from individual investors. Sellers would be offered 5 per cent more than the prevailing share price as an incentive.
Colin-Hunt Department-Of-Finance
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