National Irish Bank (NIB) has reported a growth in lending of 55 per cent in the first quarter of 2007 and has confirmed a return to profit following its restructuring.
In the first-quarter results published today, the bank said personal lending was up by 59 per cent and that its switcher business continues to grow. Business lending rose by 53 per cent, and income was up by 28 per cent.
The Danske Bank-owned institution reported profits before tax of €5.4 million for the three months ended March 2007. This contrasts with a loss of €5.4 million in the same period last year.
NIB said underlying profit for the quarter was €13.8 million before goodwill and integration (change programme) costs - an increase of 62 per cent on the first quarter of 2006.
Total income was €43 million, an increase of 28 per cent in year-on-year terms.
The bank plans to open 15 new branches by 2009, starting with branches in Mallow, Co Cork, and Cavan town due to open during May and June.