Anglo Irish Bank has produced strong interim results, with pre-tax profits up 75 per cent to A610 million (£480 million) from A34.9 million in the six months to the end of March.
Announcing the out-turn yesterday, Anglo Irish Bank group chief executive Mr Sean Fitzpatrick said the bank was keen to make acquisitions, particularly in the European fund management sector, and was also keeping an eye on opportunities in the Republic.
There has been speculation about a link-up between Anglo Irish Bank and First Active, but Mr Fitzpatrick said the bank had held `serious" talks with only two mainland European fund management groups. He said the bank had not held discussions with First Active but had looked at the State-owned ICC and ACC banks and was in the process of replying to an advertisement for a strategic partner for TSB Bank.
"We have got to look around at everything that comes on the market but that does not mean that we want to become a retail branch banking group. We will look at ACC and ICC again as well as the TSB. We never close our minds to opportunities." He expects the bank will acquire a fund management operation in mainland Europe by year end for between £50 million and £100 million (A63-A127 million).
The bank has reported good growth in its lending and treasury businesses. The shares traded higher on the back of the results and closed at A2.65, up 13 cents on the day. After tax, the bank achieved a 70 per cent rise in profits to A49.7 million, while attributable profit was up 55 per cent to A37.9 million.
Earnings per share increased by 47 per cent to 13.47 cents (10.61p) and shareholders will receive a 16 per cent rise in the interim dividend from 2.67 cents to 3.10 cents.
Its Irish operations yielded A42.4 million of group profits, with a further A15 million contributed by its British arm and A3.6 million from its deposit taking subsidiary in Austria.
Mr Fitzpatrick estimates the bank has a 15 per cent market share of the Irish business banking market and 4 per cent of the deposit market.
