Anglo Irish Bank may be a minnow in the vast ocean of financial services when compared to sharks like Allied Irish Banks and Bank of Ireland. But with the plankton shoals offering rich feeding for all, Anglo Irish grows fatter by the day. In its disciplined trawl for new business, the bank has achieved higher income, profits and strong increases in both lending and deposits. Half-yearly results this week show the extent of growth with pre-tax profits surging 56 per cent to £21.5 million. The bank recorded strong growth in lending, advancing 21 per cent to £2. 5 billion. The deposit base also widened from £2.7 billion at end September last to £3.6 billion at the end of March. Total assets were elevated to record levels, surging 28 per cent to over £4 billion and total income rose from £31.8 million to £45 million.
Chief executive Sean Fitzpatrick says the bank performed ahead of target in the Irish and UK markets and that the strong period of trading "looks set to continue". The bank has set aggressive targets - to double the size of its balance sheet over the next five years and to provide a 20 per cent return on shareholder funds. Anglo Irish is on the lookout for suitable acquisitions and is currently evaluating opportunities in both the US and mainland Europe.
With earnings per share rising 28 per cent to 5.41p a share, shareholders are rewarded with a higher interim dividend of 1.85p a share. The market liked the results, the shares continuing their recent upward course to close the week at 204p.
