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.

Bank of Ireland’s annual results beat expectations