Bank of Ireland has reported a 28% rise in first half profit, benefiting from a strong economy and increased loans to homebuyers and businesses.
The bank also sold the UK Bristol & West network during the period, in order to focus on other market segments. Profit before tax for the group was E848 million, an increase of 28% compared to the same period last year, with basic earnings per share increasing by 30% to 74.6 cents.
Group chief executive Brian Goggin said: This has been an excellent first half performance by Bank of Ireland Group
Lending in the bank’s home market rose 24%, with business lending up 27% and home loans increasing by 26% from the same period as last year. Profits in the bank’s asset management services fell 27% to E51 million, as the bank saw a 21% reduction in assets under management. The bank said that the division continues to face challenges of investment underperformance.