Bank of Ireland profits rise 17% on 'continued recovery'

Bank of Ireland entered into a binding agreement with KBC – for the acquisition of €9.2bn worth of loans and €4.4bn worth of deposits – last week. File Picture: Leah Farrell / RollingNews.ie

Bank of Ireland has reported a 17% year-on-year rise in operating profit – excluding impairment charges – for the three months to the end of September.

In its latest trading statement – updating on performance in the third quarter of the year – Bank of Ireland said it saw a “continued recovery of business activity, supported by a more positive economic environment and outlook”.

“The continued improvement in our performance in the third quarter is reflected by higher income, lower costs and an increase in capital,” the bank’s chief executive Francesca McDonagh said.

New lending grew by 7%, year-on-year, in the first nine months of this year, the bank said.

It also said that completion of its partial purchases of KBC Bank Ireland and Davy Stockbrokers are expected to complete in 2022. Both deals require regulatory and competition authority approval.

Bank of Ireland entered into a binding agreement with KBC – for the acquisition of €9.2bn worth of loans and €4.4bn worth of deposits – last week.

Ms McDonagh also hailed the Government’s latest lowering of its stake in Bank of Ireland – to below 10% - as “a positive development for Irish taxpayers, the Irish economy and Bank of Ireland.”