AIB is spending $10 million on re-branding all of its US operations under the Allfirst banner and has currently spent $6 million.

AIB's US subsidiary Allfirst has put in a strong performance in the third quarter, posting a 21 per cent rise in pre-tax profits to $76.6 million (£57.6 million) from the same period last year.

Good growth in lending and increased revenues from investment and advisory fees boosted the bank's profits in the third quarter and signal a solid full-year contribution from AIB's US subsidiary.

Commenting on the results yesterday, Allfirst president and chief operating officer Ms Susan Keating said the bank was pleased with its performance and had managed to offset the impact of tighter interest rate margins. "The solid loan growth, good underlying fee income growth, significantly lower operating expenses and the improvement in maritime asset quality have more than offset some net interest margin pressures that Allfirst has experienced" she stated. During the past three months Allfirst has reported a 9 per cent increase in commercial lending and a 7 per cent rise in retail lending. Its fee-based activities, primarily generated through its advisory trust and investment services to clients, rose by 15 per cent, while its electronic banking income grew by 21 per cent, mainly on the back of growth in its cash card customer base.

Allfirst includes all of AIB's US franchises. Based in Baltimore, Maryland, it operates more than 250 bank branches and 500 ATMs in the region. Allfirst has total assets of $18 billion.

AIB is spending $10 million on re-branding all of its US operations under the Allfirst banner and has currently spend $6 million.