Irish Life & Permanent plc has announced an operating profit of €341 million for 2008. The figure – which compares to €590 million for 2007 [a fall of 42%] – is made up of an operating profit of €284 million in the Group’s life & pensions business [down 18% on 2007] and an operating profit of €30 million in permanent tsb bank [down 86% on 2007]. The bank figure is dominated by exceptional provisions – largely arising out of losses made on debt securities placed with 3 Icelandic Banks and with Lehman Brothers as well as an increase in impairment provisions on the bank’s loan book. Earnings per share fell 18.3 cent from 1 67.9 cent as profit before tax dropped to €63 million from €477 million in 2007.