AIB Group PLC AIB Group plc Medium-Term Targets (2032H)
December 02 2020 - 2:00AM
UK Regulatory
TIDMAIBG
RNS Number : 2032H
AIB Group PLC
02 December 2020
EMBARGO 07:00 2 December 2020
AIB GROUP PLC - MEDIUM-TERM TARGETS
AIB to deliver a ROTE of greater than 8% by 2023
Having completed its strategic review, AIB Group plc will hold
an investor and analyst update today to brief the market on its
strategy and financial targets for the period 2021 to 2023.
Medium-term targets 2021-2023
-- Absolute cost(1) target of < EUR1.35 billion in 2023
-- CET1(2) target > 14%
-- RoTE(3) > 8% by 2023
Colin Hunt, Chief Executive Officer , made the following
comments:
"Prior to the onset of COVID-19 in Ireland, we set out our plans
to further simplify, streamline and strengthen AIB Group. The
fundamentals upon which these plans were based, namely the great
strength of our customer franchise, our modern digital IT
architecture and strong liquidity and capital position, remain
unchanged.
COVID-19 has dramatically changed the operating environment,
presenting both challenges and opportunities and accelerating the
trends of digitalisation, changing ways of working and
sustainability. In short, it has made significant change both
necessary and possible. Accordingly, we are recommitting to our
target to deliver a ROTE of greater than 8%."
Footnotes:
1) Costs before bank levies and regulatory fees and exceptional items
2) CET1 fully loaded
3) RoTE = (PAT - AT1) / (CET1 @ 14% of RWAs)
-ENDS-
Further details available on our website
https://aib.ie/investorrelations/aib-investor-update-2020
Contact details:
Niamh Hore / Janet McConkey Paddy McDonnell / Graham Union
Investor Relations Media Relations
AIB Group plc AIB Group plc
Tel: +353-1-6411817 / +353-1-6418974 Tel: +353-87-7390743 / +353-1-6412430
email: niamh.a.hore@aib.ie email: paddy.x.mcdonnell@aib.ie
janet.e.mcconkey@aib.ie graham.x.union@aib.ie
Forward Looking Statements
This document contains certain forward looking statements with
respect to the financial condition, results of operations and
business of AIB Group and certain of the plans and objectives of
the Group. These forward looking statements can be identified by
the fact that they do not relate only to historical or current
facts. Forward looking statements sometimes use words such as
'aim', 'anticipate', 'target', 'expect', 'estimate', 'intend',
'plan', 'goal', 'believe', 'may', 'could', 'will', 'seek',
'continue', 'should', 'assume', or other words of similar meaning.
Examples of forward looking statements include, among others,
statements regarding the Group's future financial position, capital
structure, Government shareholding in the Group, income growth,
loan losses, business strategy, projected costs, capital ratios,
estimates of capital expenditures, and plans and objectives for
future operations. Because such statements are inherently subject
to risks and uncertainties, actual results may differ materially
from those expressed or implied by such forward looking
information. By their nature, forward looking statements involve
risk and uncertainty because they relate to events and depend on
circumstances that will occur in the future. There are a number of
factors that could cause actual results and developments to differ
materially from those expressed or implied by these forward looking
statements. These are set out in Principal risks on pages 40 to 43
in the Annual Financial Report 2019 and updated on pages 36 and 37
of the Half-Yearly Financial Report 2020. In addition to matters
relating to the Group's business, future performance will be
impacted by Irish, UK and wider European and global economic and
financial market considerations. Any forward looking statements
made by or on behalf of the Group speak only as of the date they
are made. The Group cautions that the list of important factors on
pages 40 to 43 of the Annual Financial Report 2019 is not
exhaustive. Investors and others should carefully consider the
foregoing factors and other uncertainties and events when making an
investment decision based on any forward looking statement.
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