2020 Results Announcement
Proven track record of cost reduction; new €1.5bn
target for 2023
Consistent
Costs reduced by c.10% vs. 2017,
despite underlying wage inflation and
transformation investment
Costs have reduced during each of the
past six reporting periods
Broad-based
Cost reduction broad-based across
staff and non-staff costs since 2017
FTE numbers down by c.10% since
Dec 2017
Bank of Ireland 2020 Results Announcement
Efficient
€306m in gross cost savings since FY 2017
created capacity to absorb investment in
our people and infrastructure
Investment in systems and digitalisation
support continued efficiencies
(8%)
(11%)
IT &
Digitisation
€59m
€25m
€1900m
€1852m
€1785m
€1695m
Staff
€78m
€147m
Non-staff
Simplifying the
organisation
2017
2018
Operating costs
2019
2020
One-off COVID-19 costs.
Sourcing
strategically
Ways of
Working
€22m
New €1.5bn 2023 cost target; existing momentum supports target
€1.9bn
>20%
reduction
€1.9bn
€1.5bn
€1.85bn €1.79bn €1.72bn <€1.65bn
€1.5bn
2023 costs of €1.5bn; sustainable cost reduction enabled by strategic
decisions
-
-
Underpinned by successful voluntary redundancy programme, with
c.1,450 FTE exits
Simplifying and automating customer journeys
Restructure of the UK Business
Reduced property footprint, supported by modern and agile Ways of
Working
New branch strategy
2017
2018
2019
2020
2021
2023
Bank of Ireland
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