ANGLO Irish Bancorp is looking for further strong growth following the 22 per cent rise in pretax profits to £13.7 million in the six months to March 31st, 1997. "The bank is ideally positioned to grow business in the current positive banking environment", said chairman Mr Gerry Murphy.

Growth is anticipated in both the Irish and British markets and in all its core businesses. No acquisitions were anticipated, though the bank would be interested in taking over further loan books if they were appropriate, Mr Sean FitzPatrick, chief executive, said.

The latest results demonstrated the fruits of the group's strategic aim of concentrating on secured lending in the middle market and the professional and corporate sector, be added. Growth occurred in all sectors and geographical areas.

The Irish operations saw a rise in profits from £7.6 million to £8.9 million, the British businesses increased profits from £3.1 million to £4.2 million and Austria produced £600,000 profit compared with £500,000.

Group earnings per share increased from 3.44p to 4.23p. Shareholders are to benefit with a rise in the interim dividend from 1.50p to 1.65p.

Anglo benefited from the buoyancy in the market but it also increased its share of the domestic market. The bank reckons this is around 10 per cent in the sector in which it operates and about 3 per cent of the entire market.

While the domestic market was very strong, competition was intense. It also benefited from the recovery in the British market.

Anglo's net interest income grew from £20.6 million to £24.6 million. Fees and commission rose to £6.5 million. Dealing profit fell from £600,000 to £400,000, indicating its light exposure to this volatile area.

Operating expenses increased from £11.4 million to £13.1 million. This reflected the inclusion of the recently acquired Ansbacher and expenses had since levelled out, said finance director Mr Willie McAteer. The cost/income ratio continued to fall and now amounts to 44 per cent compared with 46 per cent in 1996.

Group advances grew by 14.5 per cent to £1.67 billion while deposits increased by 11.7 per cent from £2.08 billion to £2.3 billion, reflecting organic growth. While the advance/deposit ratio rose from 0.70 to 0.72, Anglo Irish still has excessive liquidity.

The provision for bad debts increased from £3.4 million to £4.2 million. The specific provision as a percentage of nonperforming loans rose from 58 per cent to 62 per cent.