Bank of Ireland profits swell further but growth may be slowing

The bank said its “strong capital position” has enabled it to pay out €353m to shareholders, an equivalent of 40% of its profit after tax for the first half of the year, in interim dividends.

Myles O’Grady, chief executive of Bank of Ireland. Pic: Naoise Culhane.

Bank of Ireland posted €1.1bn in profits before tax in the first six months, underpinned by a high interest rate environment and a more swollen loan book following the acquisitions of mortgages from KBC.

However, growth momentum may be waning as profits surged from €351m in the first six months of 2022 to €1bn at the half point of last year, fuelled by income coming from interest rate hikes.