AIB Group plc (AIBG) Q4 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to AIB Group's annual results presentation. This morning I will outline some of our key highlights from 2023 and the strategic cycle which has recently concluded. Our CFO, Donald Galvin, will bring us through the 2023 outturn and then we'll spend some time outlining our priorities, ambitions and targets for our next cycle to the end of 2026 before we open to the floor for questions. 2023 was the most successful year in the history of AIB. The results we report on this morning reflect not only a supportive economic backdrop and a normalised monetary policy environment, but are also underpinned by the consequences of deliberate management actions taken in recent years to transform and strengthen our business in the interests of all our stakeholders. Over the past few years, through ambition, determination, and delivery, we reshaped our business. We expanded our range of products and services. We integrated new enterprises and portfolios. We opened a record number of new accounts. We dealt conclusively and comprehensively with legacy items which had overshadowed us for so long. We put sustainability at the very heart of our business model. We returned the group to majority private ownership. And we transformed our balance sheet, which is now one of the strongest in Europe. Our profit in 2023 exceeded €2 billion, which equips us to propose total distributions of €1.7 billion, while maintaining a robust capital position with a fully loaded CET1 ratio at end 2023 of 15.8%, with non-performing exposures falling below 3% of gross loans. On the back of a very successful three-year strategy cycle, we are confident in our ability to deliver for our stakeholders over the years ahead, as outlined by our new medium-term targets, with 2026 costs below €2 bi...