Anglo Irish Bank has posted a 45 per cent rise in annual profits details of which were released before the market opened today. Pre-tax profits of €504.1 million exceeded market expectations with predicted earnings ranging from €482 million to €492.7 million.
Anglo, which provides business banking, treasury and wealth management services, said pretax profit jumped to €504.1 million in the year to the end of September from €346.5 million a year earlier.
Lending work in progress - a key measure for the group's prospects - was almost €4.1 billion at the end of September, also above market expectations.
"The strength and proven scalability of our model will, we believe, enable us to deliver above market returns in the future," chairman Peter Murray said in a statement. "The economies of our core markets remain strong and we anticipate significant opportunities in each area of business."
Murray said the bank would continue to focus on its core business in its existing markets.
"As always the board's objectives are based on organic growth," he said. "We will continue to evaluate acquisition opportunities as they arise, but will only execute transactions which satisfy our long-term strategic objectives and meet the stringent criteria we impose."