2021 Interim Results - Debt Investor Presentation
Transformation investment / operating
expenses
Transformation Investment: €1.4bn (2016-2021)
Average of €275m p.a.
•
Bank of Ireland 2021 Interim Results - Debt Investor Presentation
€306m
€263m
€195m
€105m
€410m
2016
2017
2018
2019
2020
2021
Transformation investment
Average annual investment of €275m from 2018-2021;
equates to CET1 capital of c.50-60bps
Investment of €149m in H1 2021 split across the income
statement (14%), balance sheet (36%) and non-core
items (50%)
Total transformation investment of €1.4bn 2016-
2021 unchanged to support 2021 target for operating
expenses <€1.65bn
Additional investment required to support 2023 cost
target of €1.5bn
•
H1 2020
H1 2021
Operating Expenses
Total staff costs
- Staff costs
(€m)
(€m)
425
413
361
341
- Pension costs
64
72
Other costs
288
290
Depreciation
131
113
Operating Expenses
844
816
Transformation Investment charge
28
21
Operating Expenses (before levies and
872
837
regulatory charges)
Levies and Regulatory charges
70
96
Impairment of intangibles and goodwill
9
Total Operating Expenses
951
933
Average staff numbers
10,383
9,643
Cost income ratio¹
66%
61%
Bank of Ireland
1 See page 58 for additional detail
57View entire presentation