Bank of Ireland goes from €1.9bn profit to €7m loss – in 12 months

BAD debt provisions of €1.4 billion has plunged Bank of Ireland into a loss of €7 million against profits of €1.9bn a year earlier.

If the impact of non-core items of €339m are excluded from the figures the bank made an underlying profit of €339m, which is still a fall of 80% year on year.

Recently appointed group managing director, Richie Boucher, described the 12 months just gone as “one of the most difficult years Bank of Ireland has ever experienced”.