December 5, 2017 / 9:39 AM / a year ago

AIB maintains dividend guidance despite sharp rise in capital

DUBLIN, Dec 5 (Reuters) - Allied Irish Banks has no plans right now to accelerate its dividend trajectory despite growing its level of capital sharply in the third quarter, the bank’s chief financial officer said on Tuesday.

“It is true that we have had a very strong performance but we would maintain the guidance over a two to three year period seeking to grow dividend flow to between 50 and 60 percent,” Mark Bourke told analysts after AIB’s core tier one capital grew to 17.6 percent under fully loaded Basel III industry rules.

“The likelihood is that the increases in dividend steps are backended in that period and at the point when we reach that normalisation of balance sheet, it’s likely at that stage we talk about significant return of capital and normalisation of capital levels. I would not guide any accelerating of those trajectories just at the moment.” (Reporting by Padraic Halpin, editing by Louise Heavens)

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