Bank of Ireland report 18% pre-tax rise

Bank of Ireland today reported an 18% rise in pre-tax, pre-exceptional profits for the full year to end March.

The group posted a profit of €1.088bn, up from the €920m reported a year earlier.

Alternative EPS, excluding exceptional items, rose 22% to 83.1 cents. Return on average stockholders equity, excluding exceptionals, was 24.6pc, and the board is to pay a dividend of 29 cents, up 23.4% from the previous year.

The bank’s Irish operations posted a 27% increase in pre-tax profits to €290m, with net interest income up 17%, driven by both resource and lending growth combined with stable net interest income, it said in a statement.

Although the bank performed better in H2 2000 compared with the year earlier

period, its performance was below the first half 2001. The bank blamed the weakness in the equity markets for the downfall in its six-month performance.

The bank anticipates continued earnings growth, despite the challenging environment and believes that Ireland will outperform EU and OECD average growth rates, but at levels which are more sustainable than those experienced in recent years.

Group chief executive Maurice Keane says: "These are very strong results. In our key businesses, we have delivered new business flows frequently exceeding general market growth.

"This has been achieved while implementing an extensive transformation programme that has included management reorganisation, regrouping of some businesses and the refocusing of others in response to changing market conditions."