AIB profits set to soar

In what is likely to be a busy week for banks generally, AIB is expected to cap an extraordinary year with a rise in profits …

In what is likely to be a busy week for banks generally, AIB is expected to cap an extraordinary year with a rise in profits of around 40 per cent when it reports annual figures on Wednesday. Analysts have pencilled in pre-tax profit figures in a range from £804 million to £822 million (€1.02E 1.04 billion) in the year to the end of last December, up from £580 million (€736.5 million). Brokers expect earnings per share to rise about 30 per cent to between 61.3 pence and 62.6 pence. Strong growth in domestic lending on the back of the Republic's buoyant economy and similarly healthy results from insurance subsidiary Ark Life and the US trust business is seen as leading the surge in profits with somewhat weaker performances from US banking subsidiaries which have felt the shock-waves from the Asian crisis. The sector bullish response to figures from Lloyds TSB at the end of last week gives an indication of what to expect in a week in which Deutsche Bank and Barclays also report.

Monday

Results: France Telecom, Mersey Docks and Harbour, Norsk Hydro, Repsol, RoyalBlue Group, SEB.

A.G.M.: Avonmore Waterford (e.g.m.), Old English Pub Company (e.g.m.).

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Meetings: Northern Ireland Assembly meets to vote on setting up executive.

Indicators: Irish non-EU trade (Dec); EU balance of payments (Q3); Japanese trade (Dec); German producer prices (Jan) and wholesale prices (Jan); Italian industrial production (Dec);

Others: Euro Changeover Board of Ireland introduces regional road-show; Drinks Industry Group publishes "The Drinks Industry in Ireland, A Substantial National Asset" research document.

Tuesday

Results: Anglo and Overseas, Astra, Barclays, Black Holdings (H1), Clondalkin Group, Compaq (Q4), Compel Holdings (H1), Dell (Q4), Electrolux, Gear Holdings (H1), Low & Bonar, Macro 4 (H1), Morgan Sindall, Paterson Zochonis (H1), Quarto Group, SmithKline Beecham.

A.G.M.: Baggeridge Brick, Banesto, Bradstock Group, Fountain Forestry, Galen Holdings, Haca Group, Hardy & Hansons, Jones Group (e.g.m.),

Meetings: WTO general council meets, among other things to approve appointment of new director general (Geneva); World Insurance Forum (Bermuda); Oireachtas Joint Committee on European Affairs receives presentations from Irish Bankers' Federation and Director of Consumer Affairs on EMU and currency charges; Oireachtas Joint Committee on Enterprise and Small Business meets Small Firms Association and Department representatives on recruitment difficulties in Ireland.

Indicators: British retail prices (Jan); Japanese industrial production (Dec).

Wednesday

Results: AIB, Allied Carpets (H1), BP Amoco, Deutsche Bank, Dobbies Garden Centre, Golden Vale, Saab, Scania, Woolwich, WPP, Zeneca.

A.G.M.: Stakis.

Indicators: Irish total external trade (Oct/Nov); Reuters publishes monthly survey on European economic and monetary union; British claimant count (Jan); US industrial production (Jan), import/export prices (Jan), capacity utilisation (Jan) and housing starts (Jan); Japanese trade balance (Jan); French trade balance (Dec).

Others: Publication of report on Irish film industry; Hewlett-Packard awards (Merrion Hotel, Dublin); South African government presents 1999/2000 budget; Bank of England issues minutes of February monetary policy committee meeting; Fixed-price offer for Air France closes.

Thursday

Results: Carrefour, Glaxo Wellcome (H1), Halifax (H1), Rank, Sandvik, SAS.

A.G.M.: Crown Leisure, Epicore Networks, Eurosov Energy, IAWS Group, IPA Group, Siemens, Tay Homes (e.g.m.), Tomkins, Towry Law (e.g.m.), Zeneca (e.g.m.).

Meetings: European central bank governing council meeting (Frankfurt); European Union-Russia summit (Moscow to Fri); Oireachtas Joint Committee on Public Enterprise and Transport receives presentation from Dublin Transportation Office on public transport infrastructure and operations; Statistical and Social Inquiry Society of Ireland meeting discusses "Economic Management in Ireland Post-EMU"; Conference on "How to Develop a Growth Strategy", sponsored by AIB Capital Markets and PricewaterhouseCoopers (Burlington Hotel, Dublin).

Indicators: Irish construction and financial sector job and wage data (Sep); EU trade balance (Nov); British retail sales (Jan), building society net lending figures (Jan), motor vehicle production (Jan) and M4 data (Jan); US producer prices (Jan), Philadelphia Federal Survey (Feb) and weekly jobless claims and monetary data.

Others: Presentation of 1998 Junior Achievement Ireland annual report; Chambers of Commerce of Ireland establish PRISM Project, its flagship e-commerce initiative.

Friday

Results: Abbey National.

A.G.M.: Allders, Dunloe Ewart (e.g.m.), Greenalls, Irish Permanent (e.g.m.).

Indicators: US consumer prices (Jan), international trade (Dec) and real earnings (Jan); German ifo survey (Jan); French industrial production (Dec).