Bank of Ireland profit increases 30%

Bank of Ireland profit increases 30%

The Bank of Ireland has seens its profits increase by 30 per cent against 2014 to €1.2bn (£0.9bn), according to its latest results.

The bank continued to be the largest lender to the Irish economy in 2015 and group new lending was up 40 per cent on 2014 to €14.2bn (£11bn), according to the results.

The group’s loans grew in 2015 with net new lending of €3.9bn (£3bn) in core loan books.

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Alongside this, the bank reduced non-performing loans by a further €3.8bn (£2.9bn) in 2015.

The Irish mortgage business successfully focused on fixed rate products - about 65 per cent of the second half of 2015’s lending - whilst new lending volumes reached circa €1.4bn (£1bn) in 2015, 31 per cent of the share of new business in the second half of 2015.

Richie Boucher, chief executive of the Bank of Ireland, said all of the group’s trading divisions are profitable.

He said: “The strength and momentum in our businesses gives us confidence in the group’s prospects and in our ability to continue to focus on our duty to responsibly develop our profitable, long term businesses and better serve our customers, in a way that delivers attractive sustainable returns to our shareholders.”