Anglo Irish Bank has set itself challenging performance targets for the next few years. Chief executive, Mr Sean Fitzpatrick, wants to double the size of the balance sheet from the current £3 billion level over the next five years. This would involve compound annual growth of 15 per cent.

He is aiming for a return on shareholders' funds of 20 per cent in the short term, up from the end September 1997 level of 17.8 per cent. Other targets include growth of 15 per cent per annum in earnings per share and a reduction in the cost income ratio to 40 per cent over the next two years, from 43.6 per cent.

After a strong 26 per cent rise in pre-tax profits to £30.3 million for the year to end September 1997, Anglo is in a good position to deliver on the targets. The bank has a clearly focused growth strategy it will stick to its niche business banking markets in Ireland and Britain and add new products for organic growth.