Bank of Ireland 2019 Interim Results
Underlying profit before tax of €376m
Total income
Bank of Ireland 2019 Interim Results
Operating profit pre-impairment - increase of 9% reflecting
positive jaws
Total income of €1,411m increased 1% vs. H1 2018
-
Net interest income of €1,069m in line with H1 2018,
reflects lower NIM of 2.16% offset by higher loan volumes
Other income of €342m includes sustainable and
diversified business income of €311m (H1 2018: €323m)²
and additional gains, valuation and other items of €31m
(H1 2018: net charge of €1m)
Operating expenses (before levies and regulatory charges) of
€903m; reduction of 3% / €30m vs. H1 2018
H1 2018 H1 2019
(€m)
(€m)
1,398
1,411
- Net interest income
1,076
1,069
- Other income (net)*
322
342
Operating expenses (before levies and
(933)
(903)
regulatory charges)
- Operating expenses
(882)
(840)
- Transformation Investment charge
(51)
(63)
•
Levies and Regulatory charges
(67)
(73)
Operating profit pre-impairment
398
435
Net Impairment (charges) / gains
81
(79)
•
Net impairment charge of €79m in H1 2019
Share of associates / JVS
21
20
•
Underlying profit before tax
500
376
Non-core items
(46)
(61)
•
Profit before tax
454
315
*Of which additional gains, valuation
.
(1)
31
and other items
Net interest margin (NIM)
2.23%
2.16%
Cost income ratio¹
66%
65%
Impairment charge of €79m / 21bps
Write backs in H1 2018 not repeated in H1 2019
Non-core Items of €61m
Restructuring costs of €21m mainly relating to redundancy
and property; and
Charges associated with customer redress on Tracker
Mortgage Examination €55m; partially offset by
Gross up for policyholder tax in Wealth and Insurance
business of €22m (H1 2018: (€2m))
1 See Slide 51 for calculation
2 Business income in H1 2018 includes €21m relating to UK Cards and ATMs classified as non-core during H1 2019
Bank of Ireland
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