Anglo Irish earnings beat forecasts

Anglo Irish Bank expects adjusted earnings per share for the year to the end of September of 129 cents a share, beating the market…

Anglo Irish Bank expects adjusted earnings per share for the year to the end of September of 129 cents a share, beating the market's average forecast of 124 cents, the bank said today.

"The bank will deliver another record performance in 2007," chief executive David Drumm said in a statement. "We are fully committed to our proven strategy and are confident that it will continue to deliver high quality growth in 2008 and beyond."

Shares in the company, in line with other Irish banks, have fallen sharply in recent months on fears higher interest rates and a rapidly cooling property market will hit lending growth and therefore future earnings.

Anglo Irish Bank said today, however, that it expected to report a 30 per cent rise in the balance of its lending to customers for the year just ending.

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In terms of future loan book growth, the bank said lending work in progress "continues to replenish" and that levels by the end of September were expected to exceed those reported at the end of Anglo's first half.

The company's shares, which have fallen over 20 per cent since late May, have also been hurt by global stock market jitters over subprime lending but Anglo described its asset quality as "excellent".

"We believe that the current uncertainty in markets demonstrates the attractiveness of our unique relationship driven model," Drumm said.