IAS19 Defined Benefit Pension + Mortgage Portfolio Analysis
Total business income¹ 23% higher
Bank of Ireland
H1 2022
(€m) restated
H1 2023
(€m)
Retail Ireland²
71
74
Wealth and Insurance³
80
166
•
Retail UK
(13)
(18)
Corporate and Markets²
145
138
Group Centre and other
(10)
(10)
Business Income
273
350
Share of associates /JVs
21
11
Total Business Income incl. JVs
294
361
•
H123 performance
.
Retail Ireland reflects higher current account fee income and
customer activity, partially offset by lower interchange fees
Wealth and Insurance performance reflects
- Six months' contribution of Davy in H123 (vs one month in H122)
Wealth and Insurance (ex-Davy) business momentum
Retail UK expense primarily reflects partnership profit-sharing
arrangement, with benefits reflected in net interest income
Corporate & Markets fee income reduction reflects underlying
business growth offset by impacts of cessation of business activity
Valuation and other items reflect market movements
Other income/(expenses)
83
(1)
Valuation and other items
(61)
50
Outlook
Other Income
316
410
•
H223 total business income¹ expected to be broadly in line with H123
1 Including share of associates and JVs
Comparative Corporate & Markets and Retail Ireland restated for transfer of Business Banking ROI from Retail Ireland into Corporate & Markets
3 Comparative Wealth and Insurance restated for application of IFRS 17
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