Anglo Irish Bank posted a 34 per cent rise in full year profits and said the performance in the current year is also "very encouraging".
It added its business model, together with low interest rates, the benign fiscal environment and the demographics in its key markets augur well for further strong growth across its operations, over the next twelve months.
The comments came as it posted a pre tax profits for the year to September 30th of €261.3 million against euro194.8 million, on net interest income of €346.9 million against €269.5 million.
The profit figure was ahead of market expectations mainly because of lower than expected bad debt charges and a lower and tax rates. Net lending rose by €2.4 billion in the year ended while general bad debt charges were €49.3 million.
In a statement to the stock exchange the bank said: "The immediate prospects are bright. We recorded lending work in progress of €2.5 billion at the end of September 2002, the highest ever level reported by the bank."
AFP