Irish Banks Higher as Traders Applaud Bank of Ireland Results (IRE, AIB)
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Shares of Bank of Ireland (NYSE: IRE) are rallying sharply today following the bank's most recent results, reported early this morning. The stock is now trading around $10.59, up nearly 24% for the session.
The bank reported a pretax loss during the six months to Sept. 30 of €979 million, or $1.44 billion, which compares to a profit of €647 million in the same period last year. Moreover, Bank of Ireland recorded a bad-loan charge around €1.8 billion, up sharply from the €267 million reported in the first six months of 2008. Bank of Ireland attributed the massive charge to property prices which were cut in half and unemployment that more than doubled since last year.
Despite the large losses, traders are buying shares of Bank of Ireland today as the firm maintained its €6.9 billion loan loss estimate for the next three years through 2011.
Bullishness related to the Bank of Ireland numbers is causing investors to also bid-up shares of Allied Irish Banks (NYSE: AIB), the other major Irish bank. That bank's stock is now up 10% to around $5.12.
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