AIB post €872m first-half loss
by Gill Montia
Story link: AIB post €872m first-half loss
Allied Irish Banks (AIB) posted a loss of €872 million for the first six months of the year, as more of its loan book fell into arrears.
The result compares with a profit of €1.04 billion profit in the same period of 2008.
The lender wrote down €2.37 against bad debt and announced that 8.1% of its loans were in trouble.
The group has been hit by tumbling property prices in the Irish Republic and according to a report in The Times, has revealed that its property development clients include 660 customers who owe a combined €16 billion.
AIB has so far received a €3 billion bail-out from the Irish government and plans are afoot to offload part of its loan book to a National Assets Management Agency, yet to be established.
In May, AIB’s chairman, chief executive and finance director announced their intention to depart.
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