Bank of Ireland  

Bank of Ireland cautious about Brexit

Bank of Ireland cautious about Brexit

Bank of Ireland has reported an underlying profit of €1.07bn (£904m) for the year to the end of December.

Profits at the bank were down from the €1.2bn (£1.01bn) profit posted for the previous year. 

The bank said all of its trading divisions were profitable in the 12 month period.

The lender reported plans to pay its first dividend in a decade in the first half of 2018, a year later than initially hoped as it awaits further clarity on the Brexit vote in the UK.

Richie Boucher, chief executive of Bank of Ireland Group, said "our business is performing in line with the strategic objectives we have set ourselves". 

He said all trading divisions were profitable and contributed to the bank’s “strong” financial performance during the period. 

Mr Boucher said: “This year has seen significant developments for the group. We have commenced a programme to replace our core banking platforms, an investment which will underpin our franchises for the next generation. 

“In addition, political events, in particular the UK's decision to leave the European Union, may impact on our customers and our business growth in the coming years. 

“Nevertheless, we remain confident that the substantial progress the group has made in recent years along with the strength of our franchises and the benefits of our diversified business model position us well to take advantage of the opportunities and to mitigate risks ensuing from these and other geopolitical developments. 

“We remain focused on serving our customers and developing our profitable, long term franchises in a way that delivers attractive sustainable returns to our shareholders.”

emma.hughes@ft.com