Analysis
Lorcan Allen: Irish bank profits soar thanks to high interest rates and low innovation
AIB, Bank of Ireland and Permanent TSB are all set to enjoy bumper years in 2023 – but almost none of the profit growth can be attributed to genuine innovation or change
Over the last week, the three largest banks in Ireland have each reported bumper half-year profits after the recent consolidation in the Irish banking sector, coupled with the hike in interest rates by the European Central Bank, helped fatten their bottom lines.
More than a decade on from the state bailout of the banking system, and the major restructuring of balance sheets and sale of legacy bad loans that followed, this year feels like an ...
