2022 Interim Results - Debt Investor Presentation
Unique growth opportunity from
Bank of Ireland 2022 Interim Results - Debt Investor Presentation
structural change in Irish retail banking market
XX
Ulster
Bank
KBC
Once-in-a generation
opportunity for
customer acquisition¹
H1 2021 Ulster Bank and KBC
announce plans to exit Irish
market. "High street" banks
reducing from 5 to 3
> 500,000
accounts will need a new banking
provider over the course of 2022
(c.13% of the adult population)
> c.€22 billion
current and deposit accounts
expected to move to another bank
(c.10% of total market)
Front book market share opportunity
mortgage lending c.20%, SME lending
c.10% and c.10% of current accounts
Bank of Ireland
response
5x capacity
increase²
Prior investment in technology and
digital adoption has allowed for safe
onboarding at scale
"Big Move"
Bank of Ireland's marketing campaign
launched in May to raise awareness
of need to switch accounts
> 500
additional colleague resources, at
one-off investment of c.€30m, to
support customer acquisition
Delivering positive
customer and
commercial outcomes
> 145,000
new current and deposit accounts
opened in H1 22; +c.80% y/y activity
level; c.€2.4bn in balances
70%
of current account applications
via digital-only channel; completed
in c.6 mins
88%
of customers signing-up have given
consent to engage on other products
and services
Material commercial
opportunity
Notwithstanding macro uncertainty, clear confidence in compelling business model
which is poised to deliver improving RoTE trajectory
1 Figures are Bank of Ireland estimates based on public financial reports and BPFI data. Market shares based on end 2020 activity, prior to
announcement of planned exits. Excludes loan and deposit back books being acquired from KBC by Bank of Ireland
2 Number of accounts that can be opened on a daily basis
Bank of Ireland
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