Bank of Ireland projects modest income growth this year

Robert Besser
05 Aug 2022, 01:38 GMT+10

The Bank of Ireland has said it expects modest growth in net interest income in Ireland this year
It had forecast that 2022 would see a stable year on year, the bank said this week, even after reporting a 10 percent drop in first half profits
Further, revenues from net interest income rose under 1 percent to 1.1 billion euros in the first six months of 2022

DUBLIN, Ireland: The Bank of Ireland has said it expects modest growth in net interest income in Ireland this year.

It had forecast that 2022 would see a stable year on year, the bank said this week, even after reporting a 10 percent drop in first half profits.

Further, revenues from net interest income rose under 1 percent to 1.1 billion euros in the first six months of 2022.

Officials noted that Ireland benefited from aggressive European Central Bank and Bank of England rate hikes.

Meanwhile, Bank of Ireland's main rival, Allied Irish Banks, said last week that it is predicting that its net interest income would increase 10 percent in 2022 due to the central bank rate hikes.

Bank of Ireland also reported that its costs, excluding acquisitions and one-off investments, were 1 percent lower than in 2021.

However, the Central Bank's first half profits dropped to 419 million euros from 465 million in 2021, after it took an impairment charge of 47 million euros.

Chief Financial Officer Mark Spain has told Reuters that the Central Bank was taking a cautious approach to stocking provisions.

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