ANALYSIS: Bank beats expectations as capital buffers and costs control improve

Bank of Ireland exceeded most analysts’ expectations in terms of its capital buffers and cost discipline.

Bank chief executive, Richie Boucher, said over the first couple of months of this year it is making profits and adding to its capital levels.

However, there will be no dividends paid until after 2016. Bank of Ireland did a capital raise last year in order to buy the Government’s €1.8bn preference shares in the bank. These preference shares were transferred to private ownership.