Germany's Depfa Bank posted a better-than-expected 45 per cent rise in net profit in the fourth quarter of 2006 amid a recovery in its trading results.
Net profit was €142 million n the fourth quarter, the bank said, above the average forecast of €118 million forecast by analysts and up from €98 million a year earlier.
Income from budget finance, infrastructure finance and client product services increased by 70 per cent to €628 million, which offset lower income from global markets.
The bank, which employs over 250 people in the IFSC in Dublin, is upbeat about its investment strategy and future business growth this year.
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Shares in the bank fell last year on concerns that it would not win as much new business as had been expected.