Profits at Anglo Irish Bank rose by 34 per cent in the first half of its fiscal year and the bank added it expects a strong outcome for the year as a whole.
Pre-tax profits of €154.5 million for the six months to March 31st were 34 per cent ahead last year and earnings per share rose 31 per cent to 33.55 cent.
Lending increased by 19 per cent and the bank said its cost/income ratio was 29.5 per cent.
Mr Sean FitzPatrick, Anglo's chief executive, said "We've seen significant growth in lending across all our markets over the last six months, while our asset quality still remains excellent - importantly, this growth has been achieved without compromising on our strict lending criteria."
Mr Fitzpatrick claimed the bank's strategy, lending criteria and centralised business model all give it real competitive advantage in both benign and tougher market conditions.
The bank said Ireland now accounted for 54 per cent of itsloan book, and that the Irish economy was expected to remain one of the strongest in Europe, benefiting from low interest rates,a favourable demographic profile and a benign fiscalenvironment.
"Despite current economic uncertainty, we are confident of continued growth for the full year and in 2004,' he concluded.
Anglo declared an interim dividend of 4.87 cents per share, an increase of 16 per cent on the interim dividend in 2002 and an increase of 35 per cent over that paid in 2001.