It's a big week for some of our largest banks and AIB will grab the limelight as it hopes to continue its recent assault on the £7 billion capitalisation barrier with a set of results due on Wednesday which will be boosted by the continuing buoyancy in the demand for credit, particularly for mortgages, which has grown by more than 20 per cent year-on-year.
Analysts Davy predict a phenomenal 25 per cent leap in pre-tax profit before exceptionals of some £528 million, with earnings per share up just about 14 per cent to 43.3p from 38.4p.
Irish Permanent: Irish Permanent, too, is expected to post heartening figures, especially given the dispersal of its assets which sees 90 per cent based in the burgeoning domestic economy and its soaring demand for credit.
Growth in volume, slightly offset by tighter margins, should see profits grow 11 per cent to £54 million tomorrow from £48.6 million, according to analysts with earnings per share climbing almost 12 per cent to 39.7p from 35.5p. The heartening performance of Irish Progressive, where 1997 sales grew 51 per cent on an APE basis, should boost the bottom line figures. Davy is forecasting dividend per share of 14p.
Monday
Results: Canon, Enviromed, Eurotunnel, Flying Flowers, IAF Group (H1), Royalblue Group, SAS Airlines, Workspace Group (Q3).
A.G.M.: Ivory & Sime (e.g.m.), Kunick, LPA Industries (e.g.m.), SDX Business Systems.
Meetings: European finance ministers (Brussels); Irish Hotels Federation annual conference (Corrib Great Southern, Galway to Wed) on the theme of "Welcome 2000 - planning for the next millennium".
Indicators: German M3 money supply (Jan), German trade and current account (Dec) and producer prices (Jan).
Others: US markets closed (President's Day); Northern Irish peace talks due to move to Dublin (to Wed).
Tuesday
Results: Anglo & Overseas Trust, Barclays, Chieftan International, BF Goodrich (Q4), John Haggas (H1), Irish Permanent, Low & Bonar, Macro 4 (H1), Hewlett Packard (Q1), Pharmacia & Upjohn (Q4), Sedgwick, SmithKline Beecham, Stadium Group, Temple Bar IT.
A.G.M.: Aberforth Smaller Cos, Baggeridge Brick, Bradstock Group, Hardy's & Hansons, Fountain Forestry Holdings, Legal & General Rec, Radius (e.g.m.), Tolux, Western Selection.
Indicators: Irish total external trade (Nov); British PSBR (Jan); US industrial production and capacity utilisation (Jan); Japanese industrial output (Dec) and Bank of Japan economic report (Jan).
Others: DHL Export Awards presentation (L'Ecrivain, Dublin)
Wednesday
Results: Airtours (Q1), Allied Irish Banks, Campbell Soup (Q2), Honda (Q3), Mersey Docks, St Modwen Properties, Volvo, Woolwich
A.G.M.: Hunters Armley, ML Laboratories, Sage Group, Tiger Oats.
Meetings: Central Bank governor, Mr Maurice O'Connell attends Oireachtas Joint Committee on Finance and the Public Service to discuss EMU and the Bank's regulatory role in relation to financial institutions; Ireland South Africa Trade Association workshop on the new double taxation accord between the countries and its potential for Irish businesses (IBEC head office, Dublin).
Indicators: British retail sales (Jan); US producer prices (Jan) and housing starts (Jan); German Ifo index (Jan); Japanese money supply data (Jan).
Thursday
Results: Air Canada (Q4), Bellwich (H1), British Aerospace, Glaxo Wellcome, Provident Financial, Skillsgroup, Tor Investment (H1), WorldCom (Q4).
A.G.M.: BZW Comm Trust, Electra Inv Trust, Howle Holdings, IAWS Group, Siemens, Tomkinsons.
Meetings: Bundesbank Council meets; Bank of France Council meeting; Focus on Funds '98 conference on exploiting cross-Border investment opportunities in Europe (Davenport Hotel, Dublin to Fri).
Indicators: Irish banking, insurance and building society employment and earnings (Sep); British M4 money supply data (Jan) and building society figures (Jan); US trade deficit (Dec), weekly jobless claims and Philadelphia Federal Survey (Feb).
Others: "The Economic Return on Education", a symposium by The Statistical and Social Inquiry Society of (Ireland Edmund Burke Theatre, TCD).
Friday
Results: Ovid Technologies (Q4), Rank Group, Scania, Skandia, Stena Line.
A.G.M.: Bankers Investment Trust, Baring Stratton Inv (e.g.m.), McMullen & Sons, Mondas (e.g.m.), SHL Group, Greenalls.
Saturday
Meetings: G7 meeting (London).
