Edition:
United Kingdom

Bank of Ireland grew loan book, cut costs in 2018


Monday, 25 Feb 2019 

Feb 25 (Reuters) - Bank of Ireland Group PLC ::BANK OF IRELAND - FY UNDERLYING PROFIT BEFORE TAX 935 MILLION EUR VERSUS 1.078 BILLION EURO PROFIT YEAR AGO.BANK OF IRELAND - FY NIM 2.20 PERCENT VERSUS 2.23 PERCENT AT END-SEPT, MAINTAINING STRONG COMMERCIAL DISCIPLINE ON PRICING.BANK OF IRELAND - FULLY LOADED CORE TIER 1 CAPITAL RATIO 13.4 PERCENT AT END-DEC VERSUS 13.4 PERCENT END-SEPT.BANK OF IRELAND - NET LOAN BOOK 77 BILLION EUR VERSUS 76.6 BILLION END-SEPT, ANNUAL COST REDUCTION OF 3 PERCENT OR 48 MILLION EUR.BANK OF IRELAND - NON PERFORMING EXPOSURES REDUCED BY 24 PERCENT TO 5 BILLION EUR; NPE RATIO NOW AT 6.3 PERCENT.BANK OF IRELAND - EXPECTS NET LENDING GROWTH IN 2019 WHILE MAINTAINING COMMERCIAL DISCIPLINE ON RISK AND PRICING.BANK OF IRELAND - EXPECTS NIM TO BE C.2.16 PERCENT IN 2019, FURTHER REDUCTIONS IN OPERATING EXPENSES.BANK OF IRELAND - EXPECT NET IMPAIRMENT CHARGE OF 20–30BPS PER ANNUM 2019-2021, ABSENT CHANGE IN ECONOMIC ENVIRONMENT.BANK OF IRELAND - DIVIDEND INCREASED TO 16 EURO CENTS PER SHARE FROM 11.5C PER SHARE IN 2017.BANK OF IRELAND - DIVIDEND TO INCREASE PRUDENTLY AND PROGRESSIVELY OVER TIME TOWARDS PAYOUT RATIO OF AROUND 50 PERCENT.BANK OF IRELAND - TRANSFORMATION INVESTMENT OF 306 MILLION EUR IN 2018, TESTING OF FIRST CUSTOMERS ON NEW CORE PLATFORM.BANK OF IRELAND - TAKING ACTIONS TO INCREASE RETURNS IN UK BUSINESS, PROGRESSING UK CREDIT CARD PORTFOLIO OPTIONS; RUN DOWN OF LEGACY PORTFOLIOS.