Bank of Ireland 2022 Interim Results
Strong business performance in H1 2022
H1 2021 H1 2022
(€m) (€m)
Net interest income
1,080
1,072
Business income
282
320
Additional gains, valuation and other items
36
Total Income
1,398
(3)
1,389
Operating expenses
(837) (849)
Levies and Regulatory charges
(96)
(95)
Operating profit pre-impairment
465
445
Net impairment charges
(1)
(47)
Share of associates /JVs
1
21
Underlying profit/(loss) before tax
465
419
Non-core Items
(59)
(84)
Profit before tax
406
335
H1 2021 H1 2022
(€m)
(€m)
Net interest margin (NIM)
1.90%
1.73%
Cost income ratio¹
61%
61%
Underlying earnings per share
33.6
27.3c
Return on Tangible Equity (ROTE) - adjusted²
TNAV²
8.8%
8.1%
789c
922c
Bank of Ireland 2022 Interim Results
H1 22 performance³ reflects positive business income
momentum and continued focus on cost reduction,
offset by market and TLTRO impact
Operating profit pre-impairment -4% y/y reflecting
Net interest income modestly higher excluding
TLTRO impacts
Business income4 +16% y/y reflecting increased
customer activity and recovery from COVID-19
impacts in H1 21
Additional gains, valuation and other items (€3m) vs
€36m in H1 21
Operating expenses +1% y/y; 1% lower excluding
acquisitions and one-off investment to capture
opportunities from exiting banks
Net credit impairment charge of (€47m); consideration
given to the current macro uncertainties
Non-core items of (€84m); primarily comprise
acquisition, Tracker Mortgage Examination and
transformation costs
Adjusted ROTE² of 8.1%
1 See slide 51 for calculation
2 Updated basis of calculation for adjusted ROTE, which excludes the pension surplus, is set out on slide 50
3 H1 22 reflects stronger yoy performance of €63m in net interest income, business income, costs and share of associates & JVs. Impairments
are (€46m) higher and other impacts of (€63m) from lower TLTRO income, valuations, bond sales impact, additional investment costs,
partially offset by positive FX impact
4 Including Share of Associates and JVs and excluding Davy
Bank of Ireland
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