Spending by banks on out-of-home advertising increased by almost 200 per cent in the first quarter of this year compared to the same period last year, according to a review of the market by specialists PML Group.

PML pinpointed the “large increase” in spend by banks, particularly for mortgage lending, as the “major change in the market”, with the boost in activity meaning the finance sector was the top spending category in the first quarter.

AIB and Bank of Ireland were both among the top 10 advertisers – a list headed by Cadbury owner Mondeléz – while Ulster Bank, EBS and KBC have also run out-of-home campaigns.

Several banks ran "open for business" style campaigns highlighting that they are now welcoming mortgage applications, while Investec, the specialist bank and asset manager, wrapped a Green Line Luas with its zebra branding.

During the period, AIB also promoted its new Me2U money transfer service with the biggest near-field communications (NFC) enabled campaign to date in Ireland.

The NFC tag on its advertisements, located on bus shelters and in cinema lobbies, sent users to the app download page via their mobile phone.

Overall, the first quarter was "very strong" for out-of-home advertising, notes PML Group marketing director Colum Harmon, with the market growing by 20 per cent.

The high year-on-year increase has been recorded partly because the first quarter of last year was quiet. “Having said that, Q1 exceeded our expectations and it bodes well for the coming period.”