2022 Interim Results - Debt Investor Presentation
Costs 1% higher; 1% lower ex Davy
and one-off investment
€837m
H121
(€25m)
€17m
Bank of Ireland 2022 Interim Results - Debt Investor Presentation
Cost Movement
€829m
€8m
€12m
€849m
Cost efficiencies
Inflation/FX
H1 221
Davy operating costs
Investment in one-off
growth opportunity
H1 22 reported costs
H1 performance
Operating cost reduction of 1% y/y reflects ongoing
cost efficiencies partially offset by inflation and
FX impact²
Davy operating costs of €12m reflect one month
impact following completion of acquisition on 1 June
Additional one-off costs of €8m supporting investment
to capture opportunities from exiting banks in Ireland;
expect further investment of c.€20m in H2 to support
new account acquisition
Levies and regulatory charges of €95m in H1; expect
full year charge of c.€140m
1 H1 22 operating costs excluding Davy, one-off investment and levies and regulatory charges
2 Inflation €12m and FX €5m
Cost outlook
2022 costs to be lower than 2021 after absorbing
inflation, excluding acquisitions and one-off investment
relating to onboarding customers from exiting banks
Expect further reduction in cost base (ex acquisitions
and one-off investment for growth opportunities) in
2023 supported by initiatives underway. Reported cost
base will also reflect impact of acquisitions
One-off costs for growth opportunities not anticipated
beyond 2022
Bank of Ireland
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