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AIB pulls guidance as income falls in Q1; warns of further credit provisions in Q2

By BFN News | 10:09 AM | Tuesday 12 May, 2020


Irish bank AIB pulled its guidance after reporting lower net interest income and flagging €210m in provisions for bad loans in the first quarter amid deteriorating economic conditions. The company also warned it expected to make further credit provisions in the second quarter, in the wake of the ongoing Covid-19 impact. 'Medium term targets outlined on 6 March 2020 remain appropriate,' the company said, but guidance related to 2020 expected performance was no longer current. First-quarter net interest income was 5% lower than prior year as net interest margin fell to 2.19% to 2.25%. Overall new lending was 12% lower on-year, principally due 'to lower international lending,' the company said. At 10:09am: (LON:AIBG) AIB Group Plc share price was -0.01p at 0.92p Story provided by StockMarketWire.com

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