Allied Irish Banks, which is almost totally state-owned after a rescue, said on Wednesday that its losses after tax more than halved last year.
AIB's net loss reduced to 1.597 billion euros ($2.193 billion) compared with 3.557 billion euros in 2012, said the bank that is 99.8-percent owned by the Dublin government following a bailout five years ago amid the global financial crisis.
Excluding provisions for charges written-off, which dropped 25 percent to 1.9 billion euros last year, AIB reported operating profit of 445 million euros.
"2013 was a year of steady progress at AIB as we implemented our strategic objectives which saw the bank return to pre-provision, pre-exceptional, operating profit for the year," chief executive David Duffy said in the group's earnings statement.
"We remain focused on sustainable growth and returning to profitability during 2014. Notwithstanding the ongoing challenges facing the bank, we are more optimistic for the outlook of both the bank and the Irish economy," he said.
AIB had reported net losses of more than 10 billion euros in 2010, while Ireland's banking sector had been left battered by the global financial crisis, which in turn led to a massive EU-IMF bailout of the eurozone nation in November 2010.
But a turnaround is in evidence after Bank of Ireland also announced this week that its losses shrank sharply last year on improved revenue and lower costs.
The lender had also been forced into partial state ownership by Ireland's property and banking crisis that resulted in the international bailout which lasted until late 2013.
Allied Irish Banks, which is almost totally state-owned after a rescue, said on Wednesday that its losses after tax more than halved last year.
AIB’s net loss reduced to 1.597 billion euros ($2.193 billion) compared with 3.557 billion euros in 2012, said the bank that is 99.8-percent owned by the Dublin government following a bailout five years ago amid the global financial crisis.
Excluding provisions for charges written-off, which dropped 25 percent to 1.9 billion euros last year, AIB reported operating profit of 445 million euros.
“2013 was a year of steady progress at AIB as we implemented our strategic objectives which saw the bank return to pre-provision, pre-exceptional, operating profit for the year,” chief executive David Duffy said in the group’s earnings statement.
“We remain focused on sustainable growth and returning to profitability during 2014. Notwithstanding the ongoing challenges facing the bank, we are more optimistic for the outlook of both the bank and the Irish economy,” he said.
AIB had reported net losses of more than 10 billion euros in 2010, while Ireland’s banking sector had been left battered by the global financial crisis, which in turn led to a massive EU-IMF bailout of the eurozone nation in November 2010.
But a turnaround is in evidence after Bank of Ireland also announced this week that its losses shrank sharply last year on improved revenue and lower costs.
The lender had also been forced into partial state ownership by Ireland’s property and banking crisis that resulted in the international bailout which lasted until late 2013.
