Bank of Ireland has reported €1.2 billion in underlying profit.
Bank of Ireland has reported €1.2 billion in underlying profit before tax for the year to the end of December as it grew its customer base by over 11%. The bank’s underlying profits were down 12% on last year as it took an impairment charge of €187m to account for potential loan losses arising from higher mortgage costs and cost of living squeeze. Underlying profit was still 3% higher than a consensus estimate in a company poll of analysts. During the year the bank completed what it called the “transformational acquisitions” of Davy Stockbrokers and the €7.8 billion KBC Bank Ireland portfolios.
The bank said its total new lending for 2022 rose by 10% to €15.6 billion. Its customer deposits rose by €6 billion to €99 billion, mainly due to growth in its Retail Ireland division of €11 billion on the back of higher household and SME volumes as well as customers moving from Ulster Bank and KBC Bank Ireland as the two banks leave the Irish market.