The after tax profit margin represents an increase of 10 per cent on the previous year continuing the Bank’s record of unbroken profit growth since its foundation. The results reflect strong performances across all the group’s core activities, with loans and advances to customers also growing by 11 per cent in 2007.

A key growth area continues to be the SME sector where business volumes grew again by 20 per cent during the year. We believe our position in the SME sector will continue to expand and the Bank will continue to examine the potential for opening further business banking centres in the years ahead”.

While the Irish residential market is currently undergoing a significant adjustment, with 2007’s slowdown following the extremely rapid growth of earlier years, Mr Marah said, “We expect that activity in the mortgage market will remain muted during the early part of 2008.

However the closer alignment of buyer and seller expectations and a greater balance between demand and supply should support healthier market conditions in the years ahead”.

Ger White, Regional Director IIB Bank, Munster, commented that once again the results show a strong performance in a period when market sentiment has weakened.

“Our business model is a robust one which has seen business volumes continue to grow while underlying asset quality is strong. We are very encouraged by the continued strong performance of our Business Banking, Wealth Management and Residential Mortgage businesses and our reach across Munster has continued to expand.

“During the year we also set up a Corporate Desk based in our South Mall office aimed at providing a more bespoke offering to the Corporate sector and larger SME businesses,” he said.

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