One billion profits show AIB has no excuses for not supporting hard working staff struggling with rising cost of living.

27 July 2023

AIB interim profits are proof of the value of community retail banking, says FSU.

The interim results announced today of Underlying Profit Before Tax (u/I pbt) of €1.074 billion by AIB have being described by John O’Connell, General Secretary of the Financial Services Union as a testament of the hard work and commitment of staff and of the value of local community retail banking.

AIB have today announced interim Underlying Profit Before Tax (u/I pbt) of €1.074.

Commenting on the results Mr. O’Connell said:

“The results announced today by AIB of €1.074 billion (u/l pbt) before tax are a testament to the hard work and professionalism of the entire staff of the Bank. An organisation is only as good as the people who work for it and the staff who work centrally and in the local branches are the catalyst behind these profits. It is strong evidence that having a strong branch network at a local community level is a significant contributor to profit margins and is a positive for the Bank and communities.

The results also show that the decision by AIB not to support its staff with a pay top-up this year to help them cope with inflation is an unjust decision and one that should be immediately reversed. 

The FSU and AIB are in front of the Workplace Relations Commission next Tuesday 1st August on pay and I would urge the Bank on foot of the announcement of bumper profits to do the right thing by their staff and agree a top up to pay to help them with the ongoing high level of inflation.

The announcement today shows us the bank has no trouble rewarding their shareholders. It is now time to protect their staff from the impact of ongoing cost of living challenges.”

Mr. Billy Barrett, Senior Industrial Relations Officer FSU stated that “We engaged with our members in AIB through a survey and they clearly stated that they expect their employer to support staff with a pay top-up at this challenging time”.