Investor Presentaiton
Operating expenses -4%
Bank of Ireland 2021 Interim Results - Debt Investor Presentation
€872m
Cost Movement
(€23m)
(€12m)
€837m
€35m reduction in costs reflects
•
Broad-based cost reduction while we continue to
invest in our business
-
Staff costs -6%
Depreciation charge -14%
Absorbed wage inflation and higher pension costs
of €11m
H1 20
Net cost
reduction
Non-recurrence of
COVID-19 costs
H1 21
•
Non-core items
€69m charge for severance, property, UK and
other restructuring
H1 2020
Non-core items
(€m)
H1 2021
(€m)
Cost of restructuring programme
(27)
(69)
•
Impairment on internally generated
(136)
computer software
Customer redress charges
(7)
(5)
Transformation investment in H1 2021
€149m split across
income statement (€21m / 14%)
balance sheet (€54m / 36%)
Investment return on treasury stock held
-
17
(6)
non-core items (€74m / 50%)
for policyholders
Gross-up for policyholder tax position in
(4)
15
Wealth and Insurance
Other
4
6
Total non-core items
(153)
(59)
Bank of Ireland
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