Allied Irish Bank, Ireland's biggest lender said Monday its pre-tax profit fell 62 % last year totaling $1.3 billion (1.0 billion Euros) due to unprecedented trading conditions, according to Agency-France press reports.
AIB chief executive Eugene Sheehy described the results as disappointing and said it was a very challenging year for the group.
Profit before tax fell to 1.03 billion Euros down from 2.51 billion Euros in 2007, and hare price declined 90% in 2008.
The outlook for 2009 remained extremely difficult given deteriorating economic conditions in recession-hit Ireland and uncertainty as to the depth of the slowdown in the global economy, interest rate environments, currency exchange rates, unemployment and the direction of the property and housing market.
However, AIB is set to receive a 3.5-billion-euro capital injection from the state.