Irish banks most profitable in Europe

Irish banks have emerged as the most profitable
financial institutions in Europe, according to a European
Commission report

LOW labour costs and a high number of transactions by customers are making Ireland’s banks the most profitable in the EU. But the benefits are not being passed on to Irish consumers who are still paying the EU average for their transactions and account fees according to an EU report into competition in the retail banking.

The advice to bank customers is to switch accounts more often and shop around for better deals, but Irish customers tend to stick with the bank located nearest to them, the report says.

Irish consumers contribute to lower labour costs by making fewer over the counter withdrawals. They are the EU’s most frequent users of ATMs, using the facilities 40 times a year on average compared to the EU average of 20.

In 2004, Irish banks had a higher gross income per customer than the EU average in almost every area of business. In mortgages this was €1,079 (EU average €1,015); credit cards, €105 (EU avg €65); consumer loans, €668 (EU avg €367); savings and deposits €86 (EU avg €64); current accounts €102 (EU avg €119).

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Irish banks most profitable in Europe