Bank of Ireland has announced underlying profits of just over €1bn for 2016.
That is €130m lower than the previous year.
The bank has released its financial results this morning which show it has not declared its first dividend since 2008 as expected.
Bank of Ireland CEO is Richie Boucher: "Just after the UK is about to leave the EU, and also because of extreme volatility in the bond market which does impact the pension deficit and therefore our capital.
"We felt that it was less likely that we would pay, we are confirming that now, but what we are confirming is where we expect to be this time next year."