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Bank of Ireland returns to profit

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Bank of Ireland is back with black figures. The troubled bank records a net profit for 2011 despite continued heavy losses from defaulting loans and says it’s increasingly reliant on its own funds to operate, Associated Press reports.

Bank of Ireland says in its full-year earnings statement Monday it netted €40 million ($52.8 million) in profit last year. The Dublin-based bank recorded a net loss of €609 million in 2010, according to AP. Deposits increased 9 percent to €71 billion.

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