DAVY VIEW

Key highlights from AIB Group’s (AIBG) H1 2024 results are higher profitability (primarily income-related), increased FY 2024 guidance and a €505m buyback. Good momentum on lending and deposit growth supported higher income. Capital return surprised to the upside with FY 2023 results and has done so again now with H1 2024. The updated guidance on net interest income (NII) points to increases of 7% and 5% in Davy and company consensus respectively.