AIB posted a pre-tax profit for 2002 of €1.375 million amid difficult 2002 market conditions and said it was looking forward to further progress in the coming year.
Adjusted earnings per share (EPS) rose six per cent to 123 cents per share - above a consensus market forecast of 122 cents, while operating profit increased 10 per cent to €1.36 billion.
"It looks to be a little ahead at the EPS level although it's helped by slightly lower taxation than we would have forecast," said Mr Scott Rankin, analyst at Davy Stockbrokers. The bank said profit grew five per cent to €590 million from its Irish operations.
"We look forward to another another strong underlying profit performance in 2003," chief executive Mr Michael Buckley said in a statement.
AIB noted the uncertain global economic outlook but said it was well positioned to generate strong revenues and was planning for lending growth of at least 10 per cent.
AIB said it was on track to complete the sale of Allfirst to M&T Bank Corp by the end of March. The deal, announced last year, will give AIB a 22.5 per cent stake in the enlarged US group and more than $800 million in cash.
The bank announced a 12 per cent rise in its total dividend to 49.06 cents a share.