AIB’s after-tax profits increase by 70% to €477m in first half of year

Chief executive admits bank ‘got it wrong’ on plans to make 70 of its branches around the country cashless

Colin Hunt, chief executive of AIB, said the bank moved ‘too far, too fast’ with plans to make 70 branches cashless. Picture: Maura Hickey

AIB’s after-tax profit soared more than 70 per cent higher in the first half of the year to €477 million aided by a significant clawback of provisions previously set aside to deal with the impact of the Covid-19 pandemic.

The lender’s 74 per cent jump in profits was delivered on the back of a €309 million release of loan loss provisions as well as increases in its net interest income (NII) and fees from other ...