Friday August 7, 2020

AIB admits overstating profits to US watchdog

AIB has admitted overstating its profits and a series of other accounting errors after receiving queries about its financial statements from the United States stock exchange watchdog.

9th September, 2006

AIB has admitted overstating its profits and a series of other accounting errors after receiving queries about its financial statements from the United States stock exchange watchdog.

The bank restated its accounts after the US Securities and Exchange Commission (SEC) sought detailed explanations of certain items. An internal review commissioned by AIB found the bank had overstated its net income for 2003 by €21 million, while its reported figure for 2004 was €32 million lower...

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