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Irish Life & Permanent sees FY oper. profit down

Thu Jun 19, 2008 7:20am EDT

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DUBLIN, June 19 (Reuters) - Irish Life & Permanent (IPM.I) said on Thursday that it expected a percentage decline in operating profit this year that would be in mid to high single digits but said its capital levels remained robust.

"The group continues to demonstrate resilience and strength in difficult market conditions arising from the continuing global 'credit crunch' and a lower level of economic growth in Ireland," the company said in a trading statement.

Irish Life & Permanent (IPM.L) said it expected sales at its life insurance business to drop by 10 percent this year and predicted percentage growth in its balance sheet would be in low single digits as lending falls. (Reporting by Paul Hoskins; Editing by David Cowell)



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