Bank of Ireland reports first half profit of 1.1bn [Video]

Bank of Ireland has upgraded its earning guidance for the full financial year after reporting a 5% profit increase during the first half.

The bank made €1.1bn in profit before tax during the opening six months of 2024, and credited its growing loan book and wealth assets, higher income and robust capital generation.

Net lending increased €1.8bn, driven by growth of €1bn in Irish non-property loans, and net interest income increased 2% on a like-for-like basis, in line with previous guidance, reflecting increased lending as well as higher interest rates and higher funding costs.

The bank expects to make c. €3.55bn in net interest income for the full year, which would be at the higher end of guidance issued Q1. Group deposits, meanwhile, increased by €600m to €100.8bn.

Business income, including shares of associates and joint ventures, and operating expenses both rose 6%, again in line with guidance. Growth in wealth and insurance and lower retail UK commissions were credited …