H1 2020 Credit Presentation
Capturing all tactical and strategic opportunities
to further reduce our cost base
Consistent
Costs reduced by 10% vs. H2 2017
Costs have reduced during each of
the past five reporting periods
€964m
Broad-based
Cost reduction broad based across
staff and non-staff costs since 2017
Bank of Ireland H1 2020 Credit Presentation
Efficient
€262m in gross cost savings since
FY 2017 created capacity to absorb
investment in our people and
infrastructure
€933m
(5%)
Change
€919m
demand/
€903m
€882m €872m
(13%)
efficiencies
€26m
€67m
Sourcing
strategically
€156m
Simplifying the
organisation
H217
H118
H218
H119
H219 H120
Staff
Non-staff
Ways of
Working
€13m
€1.9bn
€1.9bn
€1.85bn
€1.79bn
Future focus
<€1.65bn
•
•
•
2021 costs now expected to be below previous guidance of
€1.65bn
Review underway to further reduce costs beyond 2021:
Continued investment in digital capabilities
Simplifying and automating customer journeys
Additional investment in business model restructuring
Enhanced property footprint, supported by modern and
agile ways of working
Guidance update to be provided at FY 2020
2017
2018
2019
2020
2021
Beyond
2021
Bank of Ireland
35View entire presentation