IAS19 Defined Benefit Pension + Mortgage Portfolio Analysis
H123 financial performance
H1 2022
(€m) restated¹
Net interest income
1,072
H1 2023
(€m)
1,802
Business income
273
350
Other income/expenses and valuation items
22
49
Total Income
1,367
2,201
Operating expenses
(811)
(907)
Levies and Regulatory charges
(95)
(110)
Operating profit pre-impairment
461
1,184
Net impairment charges
(47)
(158)
Share of associates /JVs
21
11
Underlying profit/(loss) before tax
435
1,037
Non-core Items
(84)
Profit before tax
351
(12)
1,025
Bank of Ireland
H1 2023
2.96%
H123 performance reflects strategic actions, positive business
momentum, higher interest rates and continued focus on
efficiencies
Operating profit pre-impairment reflects higher
Net interest income
Total business income4
- Operating expenses; like-for-like broadly flat
Net credit impairment charge (€158m); reflects cautious
macroeconomic assumptions, portfolio activity and Day 1 effects
from KBCI portfolio acquisition
Cost to Income ratio of 42% reflects higher income and operating
leverage
Earnings per share 74.1c in H123 (H122 23.9c)
H1 2022
restated¹
Net interest margin (NIM)
1.73%
Cost income ratio²
60%
42%
Earnings per share
23.9c
74.1c
Return on Tangible Equity (ROTE) - adjusted³
7.0%
18.5%
1 Comparative figures restated for application of IFRS 17 on 1 January 2023
2 See slide 52 for basis of calculation
3 See slide 51 for basis of calculation; H122 adjusted to include non core within calculation basis
4 Including share of associates and JVs
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