{"id":2610,"date":"2018-07-30T08:24:12","date_gmt":"2018-07-30T13:24:12","guid":{"rendered":"http:\/\/irishexaminerusa.com\/wp\/?p=2610"},"modified":"2018-07-31T08:27:39","modified_gmt":"2018-07-31T13:27:39","slug":"bank-of-ireland-makes-586-million-in-first-half-of-the-year","status":"publish","type":"post","link":"https:\/\/irishexaminerusa.com\/wp\/?p=2610","title":{"rendered":"Bank of Ireland Makes $586 Million in First Half of the Year"},"content":{"rendered":"

\"\"Bank of Ireland has reported an after-tax profit of $586m (\u20ac500m) for the first six months of this year.<\/p>\n

Pre-provision profit of $466m (\u20ac398m) demonstrated a 3% decline in costs on a sequential basis, while an underlying profit of \u20ac500m was stronger than expected due to an impairment write-back of $95m (\u20ac81m).<\/p>\n

New lending increased by 16% in the first half of the year to $9bn (\u20ac7.7bn) with the stock of loans up $0.59bn\/0.6% in the same timeframe to $90bn (\u20ac76.6bn).<\/p>\n

“I am pleased to report a strong financial performance in the first half of 2018,” said Francesca McDonagh, group CEO of Bank of Ireland.<\/p>\n

“All our trading divisions are profitable, contributing towards an underlying profit of \u20ac500 million during the period.<\/p>\n

“The economies in which we operate continue to be supportive, and have enabled us to grow our loan book by \u20ac0.5 billion on a constant currency basis while maintaining our commercial pricing and risk discipline.<\/p>\n

“Operating expenses have decreased by c.3% compared to the second half of 2017 and asset quality continues to improve.<\/p>\n

Our strong financial performance in the first half of 2018 demonstrates good progress in delivering on the growth and transformation strategy we have set out for 2021.<\/p>\n

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