Business News

Bank of Ireland profits more than double to €743m

Underlying profits at Bank of Ireland more than doubled in the six months to the end of June to €743m according to new results from the bank.

This was an improvement of €416m compared to the €327m underlying profit recorded in the same period last year.

The value of defaulted loans was reduced by €1bn in the six month period and defaulted loans are now down by more than 25pc from their peak level.

The bank’s UK Mortgage business returned to growth while group lending is up by 50pc compared to the same period in 2014.

Chief executive Richie Boucher said: “We have made further good progress against our strategic priorities during the first half of 2015, building on the momentum we have established in recent years. We continue to be confident in the Group’s prospects.

“The quality of our retail and commercial franchises, the benefits of our diversified business model, our robust capital and funding, our commercially disciplined approach, the stability of our team and our clarity of purpose all combine to give us sustainable competitive advantage.

He added: “The strength and momentum in our businesses gives us confidence in our ability to continue to meet the needs of our customers and focus on our duty to responsibly deliver attractive and sustainable returns to our shareholders.”

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