AIB: 2009 results

Operating profit (before bad debt charge): €2.96 billion (-7%) 

Bad debt charge: €5.4 billion (+200%) 

Pretax loss: €2.65 billion (compares with €1 billion profit in 2008) 

Adjusted loss per share: 344.4 cent (compares with earnings of 67 cent in 2008)

SUMMARY

The country’s largest bank, Allied Irish Banks (AIB), posted its the first loss since the lender was established in 1966 after writing off €5.4 billion, primarily on loans to Irish land speculators and property developers.

The bank said that its various businesses were operating in “tough economic markets, none more so than the Irish market”.

The bank’s Republic of Ireland division was responsible for the bank’s problems.

It lost €3.6 billion, compared with a loss of €47 million in 2008.

AIB’s capital markets unit and the central and eastern European division remained profitable, while the UK division reported a loss of €16 million for the year.