BoI first-half profits climb to €848m

BANK OF IRELAND shrugged off gloomy news from its asset management business yesterday with first-half profits of €848 million, a 28% increase on the previous year.

But the profits for the six months to September were 8% ahead at €665m when exceptional items, such as the once-off windfall from the sale of its Bristol & West branch network in Britain, were stripped out. The markets were neutral on the news, as the share price reversed initial gains in early trading and closed down 1%.

The bank’s core retail business in Ireland was the star performer, as strong gains in mortgage lending, business banking and deposits more than compensated for the dismal showing from asset management and flat profits in Britain.