BoI announces sharp rise in profits

Bank of Ireland has announced that its profits rose by 28% at the year ending March 31 2007.

Profits rose by €1.96bn and basic earnings per share were up €0.34 to €1.72.

Excluding non-core items, group underlying PBT and EPS are both up 225 to €1.7bn and €1.44 respectively.

The group's UK financial services division had pre-tax profits up 26% at €441m and its Capital Markets division reported pre-tax earnings up 21% to €572m.

The companys life assurance and pensions subsidiary, Bank of Ireland Life, reported a 10% rise in pre-tax profits to €148m.