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.