€500m profits for Bank of Ireland in first half of year

Bank of Ireland has reported an after-tax profit of €500m for the first six months of this year.

Pre-provision profit of €398m demonstrated a 3% decline in costs on a sequential basis, while an underlying profit of €500m was stronger than expected due to an impairment write-back of €81m.

New lending increased by 16% in the first half of the year to €7.7bn with the stock of loans up €0.5bn/0.6% in the same timeframe to €76.6bn.

"I am pleased to report a strong financial performance in the first half of 2018," said Francesca McDonagh, group CEO of Bank of Ireland.

"All our trading divisions are profitable, contributing towards an underlying profit of €500 million during the period.

"The economies in which we operate continue to be supportive, and have enabled us to grow our loan book by €0.5 billion on a constant currency basis while maintaining our commercial pricing and risk discipline.

"Operating expenses have decreased by c.3% compared to the second half of 2017 and asset quality continues to improve.

Our strong financial performance in the first half of 2018 demonstrates good progress in delivering on the growth and transformation strategy we have set out for 2021.

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