2022 Interim Results - Debt Investor Presentation
Strong business performance and
strategic progress in H1 22
H1 22
Performance
€419m
Underlying profit
before tax
.
•
Bank of Ireland 2022 Interim Results - Debt Investor Presentation
Total income modestly higher vs H1 21 (excluding additional gains, valuation items and
acquisitions)
Maintaining cost discipline while investing to attract customers from exiting banks
Adjusted ROTE¹ of 8.1%; on track to deliver sustainable ROTE >10% in near term
Strategic
Progress
110%
Increase in new
current accounts
State holding <3%; expect to be fully privately owned in 2022
Changing market structure in Irish retail banking; 110% increase in new current accounts
opened vs H1 2021, supported by enhanced digital capabilities
Increased share of Ireland's attractive wealth market; Davy acquisition completed
Competition approval received for KBC Bank Ireland portfolio acquisition
Asset
Quality
5.4%
NPE ratio
.
Asset quality remains strong; NPE ratio reduced during H1 22
Net credit impairment charge of €47m includes consideration of the uncertain
environment
Quality of loan books provide reassurance; coverage levels remain at 2.5%
Capital &
Distributions
15.5%
Fully Loaded
CET1 ratio
Strong business model generating organic capital of 60bps in H1 22; 80bps of capital
invested on completion of Davy acquisition in June 2022
CET1 target >13.5%; accommodates increased countercyclical buffers
Strong capital position, combined with organic capital generation, support growth in
distributions on a prudent and progressive basis
1 Updated basis of calculation for adjusted ROTE, which excludes the pension surplus, is set out on slide 57
Bank of Ireland
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