Irish Life results

Merrion IRISH LIFE AND PERMANENT FY BROADLY IN LINE * Profit After Tax (PAT) of -€279m better then our forecasted -€308. * Divisionally, PAT for banking business -€270m better then our forecasted -€302m and Life APE sales (ex ILIM) also ahead at +€348m vs our forecasted  +€318m. * loan loss provisions better at €376m vs our forecasted €400m * Life capital stable * Alliance disappointing-no surprises given recent results * Tier 1 at 9.2% better then our forecasted 8.9%

OUTLOOK: 2010 to be broadly similar to 2009.  At first glance we are likely to leave our forecasts unchanged.

NCB FY Operating loss -€196m vs -€223m NCBe FY Impairments €376m vs €433m NCBe Impairment guidance unchanged at €800-900m to 2011 (NCBe €1.1bn) Net interest margin 0.83% vs 0.85% NCBe Loan to deposit ratio 246% vs 271% in 2008 Outlook – Banking business to be broadly similar to 2009 with significant improvement in life business profitability. Analyst comment to follow

Davy ACTUAL      DAVY      CONS PBT (€m)    -319.0    -389.0    -194.8 EPS (c )         -66        -69.4     -47.0

*Operating profits are better than expected due …

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