AIB followed its main rival Bank of Ireland in increasing its returns to shareholders on Wednesday and said a strong start to 2023 with positive revenue momentum put it on track to meet its medium-term targets.
The country’s largest mortgage lender will return 381 million euros ($401.54 million) to shareholders this year, mostly through share buybacks, up from 213 million euros in 2021, following its stock yield tangible equity (ROTE) increased to 9.6% from 8.2% in 2021.
The majority state-owned bank said in December that it expects to achieve a ROTE of more than 13% by 2024, which would allow it to supplement increased dividend payments with share buybacks during this period.
(1 $ = 0,9489 euros)