The CEO of Allied Irish Bank says the company may need more job cuts this year.

David Duffy's comments follow the publication of the bank's end of year results for 2013 - which show that losses were reduced by 55 per cent to 1.7 billion euro.

AIB says mortgage restructuring and SME arrears are a top priority - and the bank met its targets in both areas last year.

Operating expenses were down by 278 million euro - and staff costs were down by almost a fifth.

CEO David Duffy says the company is committed to its cost-cutting plan - and that may involve more layoffs.