Bank of Ireland : Interim Results 2020 - Presentation - 286 KB

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20

2020 Interim Results Announcement

30 June 2020

3

Bank of Ireland 2020 Interim Results

Group CEO

Francesca McDonagh

H1 2020 Summary

H1 Performance	€669m
Underlying loss
	before tax

Asset Quality	€937m
IFRS 9
	impairment charge

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Bank of Ireland 2020 Interim Results

• Total income reduced 13%; lower business income and valuation item movements
• Stable net interest income; NIM of 2.02%
• Strong cost discipline continues; costs reduced by further 3% vs.
  H1 2019
• Net lending growth €0.2bn including €1.3bn of revolving credit facilities; Irish mortgage market share increased to 25%
• Impairment charge of €937m, of which 60% relates to performing Stage 1 and Stage 2 loans; prudent and comprehensive approach
• Increased NPE ratio 5.8%; credit migration in Q2 and implementation of new Definition of Default regulatory framework
• Proven track record of working with customers to find sustainable solutions; diversified balance sheet across portfolios and geographies

Transformation	3%
Reduction in costs
Capital	13.6%
Fully loaded
	CET1 ratio

• Cost reduction in each of past five reporting periods; 10% lower vs. H2 2017
• Launched new mobile app; strong progress against key milestones
• Further Wealth and Insurance digital platforms launched
• Impairment on intangible software assets €136m
• Strong capital position; fully loaded CET1 ratio 13.6%, regulatory CET1 ratio 14.9%
• Pre-impairmentorganic capital generation of 45bps
• Completed €675m AT1 transaction in Q2

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Supporting our customers during COVID-19

Bank of Ireland 2020 Interim Results

Customers

• Relationship Net Promoter Score (NPS) improved by 10 points from end 2019; reflecting actions taken to support customers
• Over 100k payment breaks approved for personal and business customers in Ireland and the UK
• Residential development lending fund increased by €0.4bn to €2bn to support homebuilding
• Additional €1bn in funding for green mortgages and loans launched through the Bank of Ireland Sustainable Finance Fund to support a green recovery
• Issued over 50% of all business loans under the government COVID-19 Working Capital Loan Scheme since launch
• Over £0.2bn of approved new lending to businesses in the UK through government guarantee schemes
• Ready to support €2bn Irish Credit Guarantee Scheme

• Total approved initial 3 month payment breaks as at 24 July 2020
  2 Includes retail business banking property exposures
  3 Based upon 3 month expiration / responses from c.75% of Irish customers at 24 July 2020 4 Based upon 3 month expiration / responses from c.54% of UK customers at 24 July 2020

Payment Breaks

Ireland1	Mortgages	Consumer	SME2	Total
No. of accounts	21k	8k	13k	42k
Exposure	€3.1bn	€0.1bn	€2.8bn	€6.0bn
% of accounts	11%	4%	11%	9%
% of portfolio	13%	6%	30%	18%
UK1	Mortgages	Consumer	SME2	Total
No. of accounts	23k	32k	8k	63k
Exposure	€3.3bn	€0.4bn	€0.4bn	€4.1bn
% of accounts	14%	10%	16%	11%
% of portfolio	15%	12%	15%	15%

• 105k / €10.1bn initial 3 month payment breaks approved in Ireland (€6.0bn) and the UK (€4.1bn)
• Proactively contacting customers with options at the end of initial 3 month payment break; of those customers contacted:
• • In Ireland, c.54% of mortgage accounts and c.62% of SME accounts have availed of a 3 month payment break extension with remainder resuming capital and interest payments3
  • In the UK, c.33% of mortgage accounts and less than 10% of consumer accounts have availed of a 3 month payment break extension with remainder resuming capital and interest payments4

Enabling our colleagues and communities to thrive

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Bank of Ireland 2020 Interim Results

Colleagues

• Colleague engagement up 8 points since Q4 2019 to a high of 70%, surpassing the Global Financial Services benchmark for Engagement for the first time
• 87% of colleagues believe that the Group is quickly adapting to the changing ways of doing business; new ways of working established for H2 2020
• Launched Family Carers Ireland 'Caring Employers' Programme
• Allowance scheme for colleagues working in front line and on site locations was extended to July 2020
• Colleague supports include mental and physical wellbeing app, 24/7 health support line, and COVID-19 communications hub
• Over 119k learning courses completed by colleagues in H1 2020

Communities

• Proactive and regular engagement with Irish Government and state bodies to support re-boot of Irish economy
• Customers' view that Bank of Ireland 'cares about community' is a key driver of improvement in relationship NPS to June 2020
• ESG progress reflected in improved Sustainalytics ESG Risk Rating from 29.3 to 22.4
• Fast tracking of payments to more than 1,000 SME suppliers nationwide extended for the remainder of 2020
• Donated €1m in emergency funding for communities with urgent needs
• Launched €3m Begin Together campaign to improve financial, physical and mental wellbeing
• 'Best Bank in Ireland' Euromoney Awards for Excellence 2020

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Economic activity has increased but uncertainties remain Bank of Ireland 2020 Interim Results

	Ireland		•
	13.5%
		8.2%	•
5.0%
5.6%		6.0%	•
	(7.0%)
2019a	2020f	2021f	•
n GDP1	Unemployment2		•
	UK	7.0%
	5.8%
3.8%		6.7%	•
1.5%
			•
	(9.5%)
2019a	2020f	2021f
n GDP1	Unemployment2

Significant contraction in our core markets March - May 2020, but high frequency data points to an improving environment in Q2 2020

Reopening of the Irish economy accelerated during Q2

€7.4bn additional fiscal stimulus announced in July to provide further support towards economic recovery

Irish government's response now c.€24bn / c.11% of GNI*

Claimants of Pandemic Unemployment Payment down to 48% of peak; supportive of continued recovery in

H2 2020

Consumer spending, investment and exports will make positive contribution to Irish GDP growth in 2021

Alert to risks such as a potential second wave and on-going Brexit uncertainties

Sources: Forecasts (July 2020) by Bank of Ireland Economic Research Unit; CSO; Department of Finance; Department of Employment Affairs and Social Protection; Department of Taoiseach; ONS

1. Annual real growth
2. Annual average rate

High frequency Irish data show improving trends

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Bank of Ireland 2020 Interim Results

Number of Pandemic Unemployment

Payment recipients; 52% below peak

650,000
550,000
450,000
350,000
250,000
07-Apr	05-May	02-Jun	30-Jun	28-Jul

BOI Economic Pulse reflects the gradual

reopening of Ireland's economy

110
100
90
80
70
60
50
40
30
Jan-19	Apr-19	Jul-19	Oct-19	Jan-20	Apr-20	Jul-20

Aggregate credit and debit card spend1 (€m) is now

broadly in-line with the pre-COVID level

1,600
1,500
1,400
1,300
1,200
1,100
1,000
900
800
07-Mar	03-Apr	30-Apr	27-May	23-Jun	20-Jul

Housing sentiment tracking higher

120
100
80
60
40
20
Jan-19	Apr-19	Jul-19	Oct-19	Jan-20	Apr-20	Jul-20

Sources: Dept. of Employment Affairs & Social Protection; Bank of Ireland Economic Pulse; Bank of Ireland Housing Pulse; Central Bank of Ireland

1 Card spend data are presented on a 7 day moving sum basis

Increasing trend to digital engagement accelerating

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Bank of Ireland 2020 Interim Results

Longer term trend of decline in over-the-counter branch transactions and services

	(61%)
		(38%)
(28%)
Branch	ATM	Cheque
n H1 2018 n H1 2019 n H1 2020

• <10% branch transactions are completed over-the-counter

Mobile app now accounts for over

60% of digital traffic

	+5%	+7%
	39%	36%
47%
	61%	64%
53%
H1 2018	H1 2019	H1 2020

• n Mobile app traffic n Non-app digital traffic

• 1.2m active digital users1 representing c.70% of the current account base
• Over 20m visits per month to digital channels

>65% of high volume product applications fulfilled digitally

4%
20%		30%
	34%
65%
96%		100%
80%		70%
	66%
35%

ROI	ROI	ROI	ROI	UK	UK
Current	Deposits	Credit	Personal	Deposits	Personal
accounts		cards	loans		loans

• • Digitised n Assisted
• New current account origination journey launched H1 2020; fully digitised 100% Cloud service including biometrics

1 Active digital users: customer has logged in during the past 90 days

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Transformation delivering customer and cost benefits

Bank of Ireland 2020 Interim Results

Key milestones delivered

• New mobile app deployment;

+19 point improvement in

mobile app Customer Effort

Delivering market leading digital platforms in Wealth and Insurance

Favourable Irish demographics, growing pension demand, increased deposit

base and strength of our franchise provide significant opportunity

	Score since launch
•	Enhanced verification capability
	using embedded third party API
	technologies
• New card payment technology
	including migration of 2m
	customers
•	New relationship management
	tools (Life Goals, Financial
	Wellbeing)

Committed milestones

on roadmap

• Fully digitised mortgage

application process (Q3 2020)

• New digitised small business

lending proposition (Q4 2020)

• Digital payments for mobile app

(Q4 2020)

• Refreshed 'Pay to Mobile' peer-to-

Group

Pensions

• Launch of MyPension365; first customers on- boarded in H1 2020
• Full digitisation and automation of end- to-endprocesses for advisers and employers
• 90% reduction in on- boarding times from 10 weeks to 5 days
• Customers able to manage personal pension in real-time using mobile, tablet or desktop

Digital Wealth and		Portal and
Insurance Advice		broker, adviser
Platforms		connectivity
• Roll-out of digital advice	• Launch of Broker portal
platform commenced		provides secure access
• Allows end to end digital		point for external and
	internal advisors
sale and fulfilment; all
•	Allows customers to
sales to be migrated onto
platform in H2 2020		access self-service
• Digital Insurance Wallet		options and policy
	information
launched in Dec 2019
•	Enables seamless, digital,
providing customers with
choice of provider, quick,		end-to-end fulfilment
easy purchase of general		experience for brokers
insurance		and customers

• Self-servicefor product adjustments and efficient renewal

	peer payment service (Q4 2020)
•	>85% of day-to-day product
	journeys digitised (Q1 2021)
•	Card control features for mobile
	and online customers (Q1 2021)

Forecast growth in defined	41% of insurance sales
contribution assets of c.8%1	through digital wallet in
per annum	H1 2020

1 Thinking Ahead Institute research Global Pension Assets Survey 2020

Capturing all tactical and strategic opportunities to further reduce our cost base

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Bank of Ireland 2020 Interim Results

Consistent

• Costs reduced by 10% vs. H2 2017
• Costs have reduced during each of the past five reporting periods

€964m
	€933m	€919m €903m	€882m €872m
H217	H118	H218	H119	H219	H120

Broad-based

• Cost reduction broad based across staff and non-staff costs since 2017

(5%)
	(13%)
Staff	Non-staff

Efficient

• €262m in gross cost savings since FY 2017 created capacity to absorb investment in our people and infrastructure

Change	€26m
demand /
			Sourcing
efficiencies		€67m
	strategically

€156m

Simplifying the
Ways of
organisation
Working

€13m

					Future focus
€1.9bn					• 2021 costs now expected to be below previous guidance of
			<€1.65bn	€1.65bn
				• Review underway to further reduce costs beyond 2021:
					- Continued investment in digital capabilities
					- Simplifying and automating customer journeys
€1.9bn					- Additional investment in business model restructuring
€1.85bn	€1.79bn			- Enhanced property footprint, supported by modern and
					agile ways of working
					• Guidance update to be provided at FY 2020
2017	2018	2019	2020	2021	Beyond
					2021

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Strategic progress in Retail UK business with further restructuring required

Bank of Ireland 2020 Interim Results

				•	Net interest income: back book deleveraging, lower base rates
Retail UK	H1 20181	H1 2019	H1 2020
					and mortgage competition impacting NII; partial offset from
Net interest income	£258m	£250m	£239m
	actions taken on pricing of deposits and new lending
Other income	(£16m)	(£6m)	£1m
•	Other income: commission mix enhanced; income increased
Costs	(£155m)	(£147m)	(£136m)		£7m vs. H1 2019
Impairment	(£12m)	(£31m)	(£250m)	•	Costs: 7% cost reduction in H1 2020; 23% reduction since 2017
JV income	£15m	£14m	£1m	•	Asset quality: Increased impairments from deteriorating
					macro-economic outlook; historic loan losses favourable to
Underlying profit / (loss)	£90m	£80m	(£145m)
	industry average
Cost income ratio	64%	60%	57%
•	JV income: no. 1 travel business (FRES) in UK; 2020 income
Loan book	£24.2bn	£24.8bn	£24.5bn
	impacted by COVID-19 and reduced travel
Deposits	£19.0bn	£19.2bn	£19.5bn	•	Loan book: improving loan book mix; bespoke mortgage
1 Excludes credit cards, exited 2019					growth and legacy portfolio 30% lower

Strategic imperative to improve returns

• Protracted difficult market conditions necessitate further restructuring of our retail businesses in UK. A multi-year restructuring programme now commenced:

GB Retail restructuring

• A smaller balance sheet and higher margin business:
-	Run-down of lower margin and less profitable
	mortgages over time (UK mortgage loan book £19.6bn)
-	Grow bespoke mortgage business; c.150 brokers /
	£320m of new lending since launch

Northern Ireland Retail

• Strategic review recently commenced to assess options impacting:
• • £2.5bn of consumer, mortgage and business loans
  • £5.0bn of deposit and current accounts

Northern

Ireland GB

- Leverage expertise in travel money and car finance
-	Smaller balance sheet will enable further funding cost
	reductions
-	Material reduction in cost base from smaller scale,
	efficiency and operating model

- c.200k consumer and business customers

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Bank of Ireland 2020 Interim Results

Group CFO

Myles O'Grady

H1 2020 Financial Summary

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Bank of Ireland 2020 Interim Results

• Underlying loss before tax €669m
• Total income 13% lower; net interest income stable
• Strong cost discipline; costs reduced by 3%
• IFRS 9 impairment charge €937m
• Net lending growth €0.2bn including €1.3bn of revolving credit facilities
• Pre-impairmentorganic capital generation 45bps
• Strong capital position; fully loaded CET1 capital ratio 13.6%, regulatory ratio 14.9%

H1 2020 Financials

	H1 2019	H1 2020
	(€m)	(€m)
Net interest income	1,069	1,079
Business income	311	266
Additional gains, valuation and other items	31	(123)
Total income	1,411	1,222
Operating expenses	(903)	(872)
Levies and Regulatory charges	(73)	(70)
Impairment of goodwill	-	(9)
Operating profit pre-impairment	435	271
Net Impairment gains / (charges)	(79)	(937)
Share of associates / JVs	20	(3)
Underlying profit / (loss) before tax	376	(669)
Non-core items	(61)	(153)
Profit before tax	315	(822)
	H1 2019	H1 2020
	(€m)	(€m)
Net interest margin (NIM)	2.16%	2.02%
Cost income ratio1	65%	66%
Underlying earnings per share	25.2c	(58.8c)

1 See slide 53 for calculation

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Bank of Ireland 2020 Interim Results

• Underlying loss before tax €669m
• Total income 13% lower; net interest income stable
• Business income 14% lower from reduced economic activity
• Falling equity markets and widening credit spreads impacting Wealth and Insurance valuations
• 3% reduction in operating expenses
• Net impairment charge €937m reflects:
• • IFRS 9 macro-economic outlook and model update €432m
  • Management adjustment related to payment breaks €184m
  • Actual loan loss experience €321m
• Non-coreitems include charges associated with:
• • Impairment of intangible asset €136m
  • Restructuring costs €27m

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Stable net interest income

Net interest income1 / NIM

€1,069m€1,081m€1,079m

285bps	280bps	278bps

(17bps)				(21bps)			(24bps)
H1 2019				H2 2019			H1 2020
		Loan asset spread2			Liquid asset spread2

Bank of Ireland 2020 Interim Results

Stable net interest income / NIM 2.02%

• Net interest income benefitting from loan book growth since 2017 and reduced liability costs offsetting lower structural hedge income and UK competitive pressures
• NIM 2.02% is 12bps lower than FY 2019 reflecting:
• • Growth in liquid assets
  • Impact of low rate environment on structural hedge
  • Competitive pressure in the UK mortgage market
  • Strong commercial pricing discipline

					• Q2 exit NIM 1.97%
	NIM movement		Outlook
	(6bps)				• FY 2020 NIM to be c.1.95% primarily reflecting:
		(4bps)			- Lower new lending volumes
				- Growth in liquid assets
			(2bps)
2.14%					- Impact of low rate environment on structural hedge
				2.02%	• Net interest income in 2020 to be c.5% lower than 2019
FY 2019	Liquid asset	Structural hedge	UK competitive	H1 2020
	growth		pressures

1. Excludes IFRS income classifications which are included in NIM calculation
2. Spread = Loan asset yield or Liquid asset (excl. NAMA bonds) yield less Group's average cost of funds

Net lending growth of €0.2bn

Group loan book movement

€5.8bn

€1.3bn

(€6.9bn)

(€0.9bn)

(€2.1bn)

Total €0.2bn net lending

€79.5bn

€76.7bn

Dec 19

New

RCF

Redemptions Impairment FX / Other

Jun 20

Loan book

Lending

activity

Loan book

New lending2 and redemptions by quarter

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Bank of Ireland 2020 Interim Results

Net lending growth of €0.2bn in H1 2020

• New lending €5.8bn decreased by 19% vs. H1 20191:
• • Retail Ireland new lending €2.3bn, (14%) vs. H1 2019
  • Retail UK new lending €2.4bn, (18%) vs. H1 2019
  • Corporate new lending €1.1bn, (30%) vs. H1 2019
• Redemptions 7% higher vs. H1 2019 due to higher Corporate redemptions in Q1 2020
• RCF drawdown by Corporate customers in H1 2020 of €1.3bn
• Maintaining commercial discipline on risk and pricing

Reduced lending and economic activity in Q2 2020

•	Q2 2020 new lending2 48% lower than Q2 2019
•	Redemptions 7% lower than Q2 2019

€3.2bn€3.9bn

€3.8bn€3.8bn

€1.3bn€1.5bn

€1.1bn€0.8bn

€1.3bn	€1.4bn
Q1 19	Q1 20

€3.3bn	€3.1bn
€3.8bn	48%
€1.5bn
€1.0bn	€2.0bn
€0.8bn
€1.4bn	€0.3bn
€0.9bn
Q2 19	Q2 20

•	Irish mortgage applications 28% lower in Q2 2020 vs.
	Q2	2019
•	Q2	2020 UK mortgage applications 32% lower than prior
	year

Outlook

• Improving outlook and government measures supportive
• 2020 gross new lending volumes expected to be c.70% of 2019 volumes

n Retail Ireland n Corporate n Retail UK Redemptions

1. On a constant currency basis
2. Excluding revolving credit facilities

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Lower business income from reduced economic activity Bank of Ireland 2020 Interim Results

	H1 2019	H1 2020
	(€m)	(€m)
Wealth and Insurance	119	100
Retail Ireland	129	103
Retail UK	(11)	2
Corporate and Treasury	77	67
Group Centre and other	(3)	(6)
Business Income	311	266
Additional Gains	3	2
IFRS income classifications1	10	(16)
Valuation and other items	18	(109)
Other Income	342	143

14% decrease in business income

• 16% decrease in Wealth and Insurance:
• • New business sales (APE) decreased by 21% vs.
    H1 2019
  • Decrease in existing book income due to COVID-19 impact on returns and experience vs. 2019
• Retail Ireland 20% lower vs. H1 2019:
• • Reduced economic activity driving lower current account income
  • Decrease in FX income from reduced travel
  • Q2 card transactions 9% lower than Q1 2020
• Retail UK €13m increase due to lower commissions paid
• Corporate and Treasury income impacted by lower FX income

Business income by quarter

Valuation and other items (€109m)

• Falling equity markets and widening credit spreads

relating to unit linked assets and bond portfolio

€144m	€152m
Q1 19	Q1 20

€167m	32%
	€114m
Q2 19	Q2 20

valuations in Wealth and Insurance (€90m)

• Financial instruments valuation adjustments and other

items (€19m)

Outlook

• Increased economic activity and accelerated reopening
• 2020 business income to be 20%-30% lower than 2019

1 IFRS income classifications include c.€6m of interest income in H1 2020 on 'Life loan mortgage products' which on transition to IFRS 9 were mandatorily classified as FVTPL, with all income on such loans reported in 'net other income'. IFRS income classifications are fully offset in net interest income

Strong cost discipline - €31m / 3% reduction

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Bank of Ireland 2020 Interim Results

Cost Movement

	(€47m)
		€12m	€4m
€903m
				€872m
H1 2019	Cost initiatives	COVID-19 costs	Other costs	H1 2020

Non-core items	H1 2019	H1 2020
(€m)	(€m)
Impairment on intangible assets	-	(136)
Customer redress programme	(62)	(7)
- Tracker Mortgage Examination	(55)	(7)
- Other programme	(7)	-
Cost of restructuring programme	(27)	(27)
Investment return on treasury stock held	1	17
for policyholders
Other	27	-
Total non-core items	(61)	(153)

Strong cost discipline - €31m / 3% reduction

• €31m / 3% net reduction after absorbing wage inflation of 2.6%
• Gross cost savings €47m:
• • Process efficiencies, organisational design and sourcing strategically (€21m)
  • Change demand reduction and efficiencies driving lower levels of investment spend and value for money savings (€26m)
• COVID-19costs €12m, incremental expenditure managing response to the pandemic

Non-core items

• €136m charge included in non-core related to impairment of intangible assets:
• • Charge incurred on software assets, as no longer expected to provide future economic benefits
  • No impact on capital ratios
• €27m of charges related to business model restructuring

Outlook

• 2020 costs to be lower than 2019
• 2021 costs to be below previous guidance of €1.65bn

H1 2020 impairment charge €937m - prudent and comprehensive approach

		IFRS 9 models		Payment breaks
		macro-economic update
		€432m		€184m
	• Updated IFRS 9 models	• Management adjustment to
		incorporating impact of	reflect increased risk related
2020		Forward Looking Information	to:
	(FLI) from latest macro-	-	Estimated rates of
H1		economic outlook		migration from payment
•	Central scenario1 assumes		breaks to forbearance /
		a deep downturn, gradual		arrears
		recovery and an orderly Brexit	-	Assessment of mortgages,
	•	Reduced weighting towards		consumer loans, higher
		upside scenario		impacted sectors at risk
	• Will reflect mitigating impacts		from COVID-19 impact
		of government support
		schemes

22

Bank of Ireland 2020 Interim Results

Actual loan loss experience

€321m

• Actual loan loss experience on Stage 3 loans:
• • Property and construction €179m, includes €166m related to legacy investment property exposures
  • Non-propertySME and corporate €115m
  • Mortgage and consumer portfolios €27m

Outlook

• A change in the macro- economic outlook would lead to a change in lFRS 9 expected credit loss

• H1 2020 impairment charge	• Actual loss experience in
incorporates risk of credit	H2 will reflect timing of loan
migration of customers on	migration to Stage 3 and final
payment breaks	payment break outcomes

2020

While uncertainties remain, subject to no further deterioration in the economic environment or outlook, 2020 impairment charge expected to be in a range of c.€1.1bn to €1.3bn

1 See slide 44 for 2020-2024macro-economic assumptions used in IFRS 9 models

Impairment coverage increased to 2.7%

23

Bank of Ireland 2020 Interim Results

Net impairment charge

Impairment coverage increased to 2.7%

		€365m	•
			€246m
			•
€77m		€76m	€124m
€25m	€6m	€37m	€24m
			(€11m)

Mortgages (ROI) Mortgages (UK) Non-property	Property and	Consumer
SME and	construction
corporate

• H1 2019 n H1 2020

Impairment loss allowance (ILA) by portfolio	•
	Dec-19	Jun-20
	ILA	ILA % of	ILA	ILA % of	•
	gross	gross
	(€m)	(€m)
	loans	loans
Mortgages ROI	369	1.6%	448	2.0%	•
Mortgages UK	63	0.3%	133	0.6%
Non-property SME and	487	2.4%	818	4.0%
corporate
Property and construction	230	2.8%	455	5.6%
Consumer	159	2.8%	268	5.1%
Total	1,308	1.6%	2,122	2.7%
Stage 1 impairment coverage		0.2%		0.7%
Stage 2 impairment coverage		3.4%		3.4%
Stage 3 impairment coverage		31.5%		29.4%

Net impairment charge €888m1 / 222bps (H1 2019: 21bps) on loans and advances to customers

Increased impairment charge driven by:

• Change in macro-economic outlook due to COVID-19
• Estimated future credit migration related to payment breaks
• Actual loan loss experience (€0.3bn) primarily in corporate and property portfolios, including €0.2bn on legacy property exposures

60% of impairment charge recognised on performing Stage 1 and Stage 2 loans

ILA increased by €0.8bn to €2.1bn since Dec 2019, €0.5bn of increase on performing Stage 1 and Stage 2 loans

Group impairment coverage increased from 1.6% to 2.7% at June 2020

1 Net impairment charge €888m on loans and advances to customers, net impairment charge on other financial instruments €49m, total net impairment charge €937m

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Macro-economic outlook increasing Stage 2 balances	Bank of Ireland 2020 Interim Results

Gross loans by stage

	€80.5bn			€78.5bn
		€0.1bn
						€0.1bn
		€3.1bn
		€5.6bn				€4.4bn
				€11.3bn
	€71.8bn
			€62.7bn

Macro-economic outlook increasing Stage 2 loans

• €5.7bn increase in Stage 2 loans since Dec 2019 reflecting deteriorated macro-economic outlook:
• • Non-propertySME and corporate portfolio Stage 2 loans increased €3.7bn
  • Property and construction Stage 2 loans increased €1.9bn
• Stage 3 loans of €4.4bn, increase of €1.3bn since Dec 2019:

Dec 19

Jun 20

• Stage 1 n Stage 2 n Stage 3 n POCI

ILA movement

• • €0.9bn increase from implementation of new Definition of Default; remainder from credit migration in corporate and property portfolios
• ILA increased by €0.8bn to €2.1bn since Dec 2019:
• • €0.5bn increase on performing loan books

1.6%	2.7%
	€337m
	€477m
	€2,122m
€1,308m

Dec 19	Stage 1 / 2	Stage 31	Jun 20
	ILA % of gross loans

1 Includes Purchased Other Credit Impaired (POCI)

• €0.3bn increase in Stage 3 ILA from credit migration in Non-property SME and corporate and Property and construction portfolios

Residential mortgages

		Gross loans by stage
	€46.3bn					€44.3bn
	€1.7bn
	€1.7bn					€2.2bn
						€1.7bn
	€42.9bn					€40.4bn
	Dec 19					Jun 20

• Stage 1 n Stage 2 n Stage 3

ILA movement

0.9%			1.3%
	€94m	€55m
			€581m
€432m
Dec 19	Stage 1 / 2	Stage 3	Jun 20

25

Bank of Ireland 2020 Interim Results

Residential mortgages

• Mortgage portfolios 57% of Group loan book
• ROI mortgage portfolio €22.9bn at June 2020:
• • Average LTV of 60% on stock
  • 81% of the portfolio has LTV <80%
• UK mortgage €21.5bn at June 2020:
• • Average LTV of 62% on stock
  • 82% of the portfolio has LTV <80%
• Implementation of new Definition of Default regulatory framework driving increase in stage 3 loans
• €149m impairment loss allowance increase largely on performing loans including management adjustment relating to payment breaks
• Impairment coverage increased from 0.9% to 1.3% at June 2020

ILA % of gross loans

26

Non-property SME and corporate

		Gross loans by stage
	€20.4bn					€20.7bn
	€0.8bn					€1.1bn
	€2.2bn
	€17.5bn					€5.9bn
					€13.7bn
	Dec 19					Jun 20
		n Stage 1 n Stage 2 n Stage 3
		ILA movement

Bank of Ireland 2020 Interim Results

Non-property SME and corporate

• Non-propertySME and corporate portfolio well diversified by geography and sector
• Predominantly secured portfolios; government measures providing additional support
• €3.7bn increase in Stage 2 loans since Dec 2019 reflecting macro-economic outlook on higher impacted sectors:
• • Wholesale and retail trade Stage 2 loans increased by €0.3bn to €0.6bn
  • Accommodation and food service activities Stage 2 loans increased by €0.7bn to €0.9bn
  • Acquisition Finance Stage 2 loans increased by €1.0bn to €1.3bn

			•
2.4%			4.0%
		€91m
	€240m
			€818m
€487m			•
			•
Dec 19	Stage 1 / 2	Stage 3	Jun 20

Increased impairment coverage across higher impacted sectors and portfolios:

• Wholesale and retail trade exposures €2.5bn, impairment coverage 5.0% (3.3% Dec 2019)
• Accommodation and food service activities exposures €1.7bn, impairment coverage 3.3% (1.6% Dec 2019)
• Acquisition Finance exposures €4.8bn, impairment coverage 3.5% (1.4% Dec 2019)

€240m / 73% of increase in ILA related to performing Stage 1 and Stage 2 loans

Impairment coverage increased from 2.4% to 4.0% at Jun 2020

ILA % of gross loans

27

Property and construction

Bank of Ireland 2020 Interim Results

Gross loans by stage

Property and construction

	€8.1bn		€8.2bn	•
	€0.6bn		€1.1bn
	€1.5bn
			€3.4bn	•
	€6.0bn
			€3.7bn	•
	Dec 19		Jun 20
	n Stage 1 n Stage 2 n Stage 3		•
	ILA movement		•
2.8%				5.6%
		€179m		•
	€46m			•
				€455m
€230m
Dec 19	Stage 1 / 2	Stage 3		Jun 20

10% of Group loan book; €7.4bn Investment Property; €0.8bn Development lending

>40% Investment property exposures in Dublin; 30% UK exposures

Investment Property exposures largely Retail (37%), Office (33%), Residential (19%) and Other (11%); 75% of the book LTV <70%

Development lending portfolio comprises exposures to active development sites

Deterioration in macro-economic outlook driving stage migration including forecast decrease in commercial property prices

Legacy investment property exposures driving €179m increase in Stage 3 ILA

Impairment coverage increased from 2.8% to 5.6% at June 2020

ILA % of gross loans

Consumer

Gross loans by stage

€5.7bn

€0.2bn		€5.3bn

€0.3bn

€5.4bn

€4.9bn

Dec 19

Jun 20

• Stage 1 n Stage 2 n Stage 3

ILA movement

2.8%			5.1%
	€97m	€12m
			€268m
€159m
Dec 19	Stage 1 / 2	Stage 3	Jun 20

28

Bank of Ireland 2020 Interim Results

Consumer

• 7% of Group loan book; exit of UK Credit Cards in 2019
• €2.0bn Ireland consumer exposure; €0.8bn motor, €0.8bn consumer loans. €0.4bn credit cards
• €3.3bn UK consumer exposure; €2.1bn motor, €1.2bn consumer loans
• €109m impairment loss allowance increase largely on performing loans including management adjustment relating to payment breaks
• Impairment coverage increased from 2.8% to 5.1% at June 2020

ILA % of gross loans

NPE ratio increase to 5.8%

NPE movements

29

Bank of Ireland 2020 Interim Results

Non-performing exposures

6.3%	4.4%
		€0.6bn
€5.0bn
	€3.5bn
Dec 18	Dec 19	Inflows
		NPE ratio

					5.8%
	€0.5bn
					€4.6bn
Definition of	Jun 20
	Default

• NPE ratio increased by 140bps to 5.8%
• €0.6bn inflows primarily from credit migration in Non-property SME and corporate, and Property and construction portfolios
• Implementation of new Definition of Default regulatory framework increased NPEs by €0.5bn
• No NPE transactions completed in H1 2020 due to market conditions
• Group NPE coverage ratio increased by 10% to 47% at Jun 2020

		NPEs by portfolio	Jun 20
								Coverage Ratio
Mortgages				€1.5bn		29%
(ROI)				€1.6bn
Non-property SME		€0.9bn				73%
and corporate		€1.1bn
Property and		€0.6bn			42%
construction		€1.1bn
Mortgages		€0.5bn				21%
(UK)		€0.6bn
Consumer		€0.1bn
(ROI & UK)		€0.1bn

n Dec 19 n Jun 20

1 See slide 45

Outlook

• Proven track record of working with customers to implement sustainable solutions; significantly below industry average for arrears management1
• NPE transactions dependent on market conditions

30

Strong capital position

Bank of Ireland 2020 Interim Results

Fully loaded CET1 ratio

RWAs

45bps

40bps

(65bps)

(15bps)

RWAs

€49.9bn

(15bps)

(60bps)

40bps

10bps

€47.6bn

Impairment

(190bps)

EL offset

90bps

RWA reduction

35bps

13.8%

Net impact

(65bps)

(20bps)

13.6%

Regulatory capital

demand

Dec 19

Pre-impairment

2019 Dividend

Credit

Loan Growth /

Transformation

Definition of

SME supporting

Other / Pension

Jun 20

organic capital

deterioration

RWA2

investment

Default / IRB

factor

generation1

models

Headroom to 2020 CET1 regulatory capital requirements

	13.6%	14.9%
		c.560bps
2020 Regulatory		headroom
	9.27%
Requirements
(excl. P2G)

Jun-20 Fully Loaded	Jun-20 Regulatory
CET1 Ratio	CET1 Ratio

Strong capital position

• Fully loaded CET1 ratio +10bps since Q1 2020
• Regulatory CET1 ratio +50bps since Q1 2020
• 2% reduction in RWA density

Outlook

• 2020 regulatory CET1 ratio to remain above 13.5%
• No dividend deduction assumed for 2020

1. Pre-impairmentorganic capital generation primarily consists of attributable profit excluding impairment and movements in regulatory deductions
2. Loan Growth / RWA movements from net loan growth, changes in asset quality and book mix and movements in other RWAs

Outlook

Profitability

• 2020 gross new lending volumes expected to be c.70% of 2019 volumes
• Net interest income in 2020 to be c.5% lower than 2019
• 2020 business income to be
  20%-30% lower than 2019
• Costs will continue to reduce:
• • 2020 costs to be lower than
    2019
  • 2021 costs to be below previous guidance of €1.65bn

Asset Quality

• While we expect economic recovery commencing in H2 2020, COVID-19 and Brexit are ongoing uncertainties
• Subject to no further deterioration in the economic environment or outlook, 2020 impairment charge expected to be in a range of c.€1.1bn to €1.3bn

31

Bank of Ireland 2020 Interim Results

Capital

• 2020 regulatory CET1 ratio to remain above 13.5%
• No dividend deduction assumed for 2020

Longer term impacts of COVID-19 on the economy and the Group's financial performance remain uncertain,

our medium term targets should therefore no longer be considered current in these circumstances

Summary and conclusion

32

Bank of Ireland 2020 Interim Results

Trading outlook

Capital

Asset quality

Transformation

Efficiency

UK retail

While uncertainties remain, accelerated economic activity is supporting improved outlook for 2020 lending and income vs. Q1 outlook

Strong capital position with fully loaded CET1 ratio of 13.6%, regulatory CET1 ratio 14.9%

Proven track record, over a sustained period, of working with customers to find sustainable solutions

Multi-year programme delivery against milestones; delivering agile, digitised solutions for customers and creating cost efficiencies

All tactical and strategic opportunities being captured to further reduce our cost base; 2021 costs to be below previous guidance of €1.65bn

Further restructuring required to improve returns; strategic review of Northern Ireland retail business recently commenced

34

Bank of Ireland 2020 Interim Results

Appendix

35

Appendix	Bank of Ireland 2020 Interim Results
		Slide No.
•	BOI overview - customer loans / new lending volumes	36
•	ROI mortgage loan book	37

• Income Statement

- Net interest income analysis	38
-	Structural hedge	39
-	Interest rate sensitivity	40

• Asset Quality

- Non-performing exposures by portfolio	41
-	Portfolio by stage	42
- Non-property SME and corporate by stage	43
- Forward Looking Information - macro-economic scenarios	44
-	ROI Mortgages	45
-	UK customer loans	46
• Ordinary shareholders' equity and TNAV	47

• Capital

	-	Capital and liquidity	48
	-	CET1 ratios	49
	-	Regulatory capital requirements	50
	-	Risk weighted assets	51
•	Transformation investment / operating expenses	52
•	Cost income ratio: Jun 2020	53
•	Defined Benefit Pension Schemes	54
•	Forward-Looking statement	55
•	Contact details	56

36

BOI Overview

Bank of Ireland 2020 Interim Results

Profile of customer loans1 at Jun 20 (Gross)

Composition (Jun 20)	ROI	UK	RoW	Total		Total
(€bn)	(€bn)	(€bn)	(€bn)	(%)
Mortgages	22.9	21.4	0.0	44.4	57%
Non-property SME and corporate	10.8	5.1	4.7	20.6	26%
SME	7.1	1.6	0.0	8.7	11%
Corporate	3.7	3.5	4.7	11.9	15%
Property and construction	5.3	1.9	1.0	8.2	10%
Investment	4.7	1.7	1.0	7.4	9%
Development	0.6	0.2	0.0	0.8	1%
Consumer	2.0	3.3	0.0	5.3		7%
Customer loans (gross)	41.1	31.7	5.7	78.5	100%
Geographic (%)	53%	40%	7%	100%

Gross new lending volumes

€2.7bn

Retail Ireland

Retail UK

Corporate Banking

£2.5bn

€1.0bn

€2.3bn

£2.1bn

€2.1bn

€0.9bn

£1.3bn

€0.6bn

€0.3bn

£1.2bn

€0.2bn

€0.5bn

€1.1bn2

€1.5bn

€1.2bn

£1.1bn

€0.7bn

€0.6bn

£0.7bn

€0.2bn

€0.4bn

€0.3bn

£0.1bn

£0.2bn

€0.1bn

H1 2019

H1 2020

H1 2019

H1 2020

H1 2019

H1 2020

n Mortgages n Consumer n Business Banking n Property n Corporate Ireland n Acquisition Finance n Corporate UK

1 Based on geographic location of customer

2 Excludes revolving credit facilities

ROI Mortgages: €22.9bn

New Lending volumes and Market Share

23%	24%	25%

€1.0bn	€1.3bn	€0.9bn
H1 2019	H2 2019	H1 2020
	n New Lending Volumes	Market Share

Pricing strategy

• Fixed rate led mortgage pricing strategy which provides value, certainty and stability to our customers and to the Group
• Fixed rate products accounted for c.94% of our new lending in H1 2020, up from c.30% in 2014

Distribution strategy - continued expansion into broker channel

• Establishing a large network of active brokers at a national level; brokers accounted for 30% of the market in H1 2020

Wider proposition

• 7 in 10 ROI customers who take out a new mortgage take out a life assurance policy through BOI Group
• 3 in 10 ROI customers who take out a new mortgage take out a general insurance policy through BOI Group with insurance partners

1 Average customer pay rate of 111bps less Group average cost of funds of 39bps

37

Bank of Ireland 2020 Interim Results

ROI Mortgages (gross)

€23.7bn	€23.0bn	€22.9bn
€9.5bn	€11.1bn	€11.6bn
€4.4bn	€3.2bn	€3.0bn
€9.8bn	€8.7bn	€8.3bn
Dec 18	Dec 19	Jun 20
	n Tracker n Variable Rates n Fixed Rates

LTV profile

• Average LTV of 60% on mortgage stock at Jun 2020 (Dec 19: 59%)
• Average LTV of 76% on new mortgages in H1 2020 (2019: 74%)

Tracker mortgages

• €7.9bn or 95% of trackers at Jun 2020 are on a capital and interest repayment basis
• 82% of trackers are Owner Occupier mortgages; 18% of trackers are Buy to Let mortgages
• Loan asset spread on ECB tracker mortgages was c.72bps1 in H1 2020

38

Income Statement

Net interest income analysis

Bank of Ireland 2020 Interim Results

			H2 2018			H1 2019			H2 2019			H1 2020
		Average	Gross	Gross	Average	Gross	Gross	Average	Gross	Gross	Average	Gross	Gross
		Volumes Interest	Rate	Volumes Interest	Rate	Volumes Interest	Rate	Volumes Interest	Rate
		(€bn)	(€m)	(%)	(€bn)	(€m)	(%)	(€bn)	(€m)	(%)	(€bn)	(€m)	(%)
	Ireland Loans1	34.4	595	3.43%	34.2	582	3.43%	33.7	583	3.43%	33.4	561	3.38%
	UK Loans	27.6	391	2.82%	27.5	377	2.76%	28.0	375	2.66%	28.5	356	2.52%
	C&T	14.6	294	3.98%	15.8	314	3.99%	16.8	330	3.90%	17.4	324	3.74%
	Total Loans and Advances to Customers	76.6	1,280	3.31%	77.5	1,273	3.31%	78.5	1,288	3.26%	79.3	1,241	3.15%
	Liquid Assets	22.7	38	0.33%	22.9	33	0.29%	23.9	30	0.25%	26.6	16	0.12%
	NAMA Sub Debt	0.1	2	5.24%	0.1	2	5.40%	0.1	2	5.26%	0.0	1	5.22%
	Total Liquid Assets	22.8	40	0.35%	23.0	35	0.31%	24.0	32	0.27%	26.6	17	0.13%
	Total Interest Earning Assets	99.4	1,320	2.63%	100.5	1,308	2.62%	102.5	1,320	2.56%	105.9	1,258	2.36%
	Ireland Deposits	20.7	(8)	(0.08%)	20.7	(7)	(0.07%)	21.0	(5)	(0.05%)	21.3	(2)	(0.02%)
	Credit Balances2	32.8	3	0.02%	34.5	3	0.02%	36.6	6	0.03%	39.6	8	0.04%
	UK Deposits	18.6	(88)	(0.94%)	18.3	(91)	(1.00%)	18.6	(103)	(1.09%)	18.7	(90)	(0.97%)
	C&T Deposits	4.9	(9)	(0.37%)	5.1	(9)	(0.35%)	5.0	(9)	(0.34%)	4.7	(4)	(0.16%)
	Total Deposits	77.0	(102)	(0.26%)	78.6	(104)	(0.27%)	81.2	(111)	(0.27%)	84.2	(88)	(0.21%)
	Wholesale Funding3	11.0	(52)	(0.94%)	10.3	(54)	(1.06%)	9.9	(62)	(1.24%)	9.7	(55)	(1.13%)
	Subordinated Liabilities	2.1	(51)	(4.86%)	2.0	(49)	(4.85%)	1.5	(41)	(5.44%)	1.5	(34)	(4.61%)
	Total Interest Bearing Liabilities	90.1	(205)	(0.45%)	90.9	(207)	(0.46%)	92.6	(214)	(0.46%)	95.4	(177)	(0.37%)
	Other4		(30)			(22)			(18)			(18)
	Net Interest Margin as reported	99.4	1,085	2.17%	100.5	1,079	2.16%	102.5	1,088	2.11%	105.9	1,063	2.02%
	Average ECB Base rate			0.00%			0.00%			0.00%			0.00%
	Average 3 month Euribor			(0.32%)			(0.31%)			(0.40%)			(0.31%)
	Average BOE Base rate			0.70%			0.75%			0.75%			0.36%
	Average 3 month LIBOR			0.82%			0.84%			0.78%			0.35%

1. Includes average interest earning assets of c.€0.3bn in 2020 carried at FVTPL with associated FY20 interest income of c.€6m
2. Credit balances in H1 2020: ROI €31.1bn, UK €3.8bn, C&T €4.7bn
3. Includes impact of credit risk transfer transactions executed in Dec 2016, Nov 2017 and Dec 2019
4. Includes IFRS 16 lease expense, interest on certain FVPTL items and adjustments that are of a non-recurring nature such as customer termination fees and EIR adjustments

Structural Hedge

Interest income on structural hedge1

Average structural	€32.7bn	€35.8bn
hedge volume
	€85m
		€68m
	€51m	€34m
	€34m	€34m
	H1 2019	H1 2020
		n EUR n GBP

EUR structural hedge

1.5%
1.0%
0.5%
0.0%			51bps
-0.5%
Jul-16	Jan-17Jul-17Jan-18	Jul-18	Jan-19Jul-19Jan-20Jun-20
	EUR structural hedge yield	External EUR 7yr swap rate

1 Gross interest income from fixed leg of hedging swap

39

Bank of Ireland 2020 Interim Results

Overview

• Structural hedging is used to help mitigate volatility in earnings from interest rate movements
• Income from structural hedging has supported interest income as market rates have declined
• Average structural hedge volume in H1 2020 of €35.8bn (EUR 84%, GBP 16%):
• • c.75% of equity and credit balances hedged
  • Weighted average life of hedges is c.3.5 years
• c.15% of existing hedges are re-hedged annually
• Hedging of incremental growth in credit balances paused in H1 2020
• Interest income of €68m from structural hedge in H1 2020; c.6% of Group's net interest income (c.8% in 2019)
• Impact of lower interest rate environment incorporated in net interest income and NIM 2020 guidance

Interest Rate Sensitivity

40

Bank of Ireland 2020 Interim Results

The table below shows the estimated sensitivity of the Group's income (before tax) to an instantaneous and sustained 1% parallel movement in interest rates

Estimated sensitivity on Group income (1 year horizon)	Dec 19	Jun 20
(€m)	(€m)
100bps higher	c.210	c.250
100bps lower	(c.250)	(c.270)

The above sensitivities are based on certain simplifying assumptions such as:

• the assumption of a static balance sheet by size and composition;
• assets and liabilities whose pricing is mechanically linked to market / central bank rates are assumed to reprice accordingly; and
• the sensitivities should not be considered a forecast of future performance in these rate scenarios as they do not capture potential management action in response to unexpected changes in the interest rate environment.

Non-performing exposures by portfolio

41

Bank of Ireland 2020 Interim Results

Composition (Jun 20)	Advances	Non-performing	Non-performing	Impairment	Impairment loss
exposures	exposures as %	loss allowance	allowance as % of
(€bn)
	(€bn)	of advances	(€bn)	non-performing exposures
Residential Mortgages	44.4	2.2	5.0%	0.6	26%
-­ Republic of Ireland	22.9	1.6	6.9%	0.4	29%
- UK	21.4	0.6	3.0%	0.1	21%
Non-property SME and corporate	20.7	1.1	5.4%	0.8	73%
- Republic of Ireland SME	7.1	0.6	9.1%	0.4	66%
- UK SME	1.7	0.1	6.8%	0.1	57%
- Corporate	11.9	0.4	3.1%	0.3	89%
Property and construction	8.2	1.1	13.3%	0.5	42%
- Investment	7.4	1.1	14.4%	0.4	39%
- Development	0.8	0.0	4.0%	0.0	118%
Consumer	5.3	0.1	2.4%	0.3	208%
Total loans and advances to customers	78.5	4.6	5.8%	2.1	47%
Composition (Dec 19)	Advances	Non-performing	Non-performing	Impairment	Impairment loss
exposures	exposures as %	loss allowance	allowance as % of
(€bn)
	(€bn)	of advances	(€bn)	non-performing exposures
Residential Mortgages	46.3	1.9	4.2%	0.4	22%
-­ Republic of Ireland	23.0	1.5	6.3%	0.4	25%
- UK	23.2	0.5	2.1%	0.1	13%
Non-property SME and corporate	20.4	0.9	4.3%	0.5	55%
- Republic of Ireland SME	7.3	0.5	7.5%	0.3	54%
- UK SME	1.7	0.1	6.3%	0.0	46%
- Corporate	11.4	0.2	2.0%	0.1	60%
Property and construction	8.1	0.6	7.3%	0.2	39%
- Investment	7.2	0.6	7.7%	0.2	37%
- Development	0.9	0.0	3.8%	0.0	64%
Consumer	5.7	0.1	1.7%	0.2	159%
Total loans and advances to customers	80.5	3.5	4.4%	1.3	37%

42

Portfolio by stage								Bank of Ireland 2020 Interim Results
Composition (Jun 20)		Gross carrying amount			Impairment loss allowance		ILA %
	(before impairment loss allowance)
								of gross
Sectoral analysis by stage	Stage 1	Stage 2	Stage 3	POCI	Total	Stage 1	Stage 2	Stage 3	POCI	Total
loans
€m	€m	€m	€m	€m	€m	€m	€m	€m	€m
Residential Mortgages	40,435	1,680	2,199	3	44,317	105	41	435	-	581	1.3%
- Republic of Ireland	20,106	1,209	1,565	3	22,883	50	22	376	-	448	2.0%
- UK	20,329	471	634	-	21,434	55	19	59	-	133	0.6%
Non-property SME and corporate	13,686	5,899	1,047	27	20,659	154	220	437	7	818	4.0%
- Republic of Ireland SME	5,344	1,128	636	-	7,108	108	68	251	-	427	6.0%
- UK SME	1,074	497	106	1	1,678	6	22	37	-	65	3.9%
- Corporate	7,268	4,274	305	26	11,873	40	130	149	7	326	2.7%
Property and construction	3,684	3,426	1,027	60	8,197	12	82	345	16	455	5.6%
- Investment	3,470	2,834	993	60	7,357	11	58	330	16	415	5.6%
- Development	214	592	34	-	840	1	24	15	-	40	4.8%
Consumer	4,905	265	128	-	5,298	151	42	75	-	268	5.1%
- Motor Lending UK	1,954	83	22	-	2,059	13	8	10	-	31	1.5%
- Loans UK	1,216	41	36	-	1,293	106	17	30	-	153	11.8%
- Motor Lending ROI	767	-	21	-	788	6	-	8	-	14	1.8%
- Loans ROI	600	107	33	-	740	19	10	18	-	47	6.4%
- Credit Cards ROI	368	34	16		418	7	7	9	-	23	5.5%
Total	62,710	11,270	4,401	90	78,471	422	385	1,292	23	2,122	2.7%
Composition (Dec 19)		Gross carrying amount			Impairment loss allowance		ILA %
	(before impairment loss allowance)
								of gross
Sectoral analysis by stage	Stage 1	Stage 2	Stage 3	POCI	Total	Stage 1	Stage 2	Stage 3	POCI	Total
loans
€m	€m	€m	€m	€m	€m	€m	€m	€m	€m
Residential Mortgages	42,898	1,677	1,693	3	46,271	16	36	380	-	432	0.9%
- Republic of Ireland	20,610	1,133	1,289	3	23,035	7	22	340	-	369	1.6%
- UK	22,288	544	404	-	23,236	9	14	40	-	63	0.3%
Non-property SME and corporate	17,474	2,175	757	27	20,433	56	78	353	-	487	2.4%
- Republic of Ireland SME	5,799	1,011	495	-	7,305	33	39	225	-	297	4.1%
- UK SME	1,382	225	78	2	1,687	3	8	38	-	49	2.9%
- Corporate	10,293	939	184	25	11,441	20	31	90	-	141	1.2%
Property and construction	5,985	1,513	549	65	8,112	6	42	180	2	230	2.8%
- Investment	5,418	1,251	519	65	7,253	5	40	162	2	209	2.9%
- Development	567	262	30	-	859	1	2	18	-	21	2.4%
Consumer	5,421	206	100	-	5,727	64	32	63	-	159	2.8%
- Motor Lending UK	2,147	58	21	-	2,226	6	3	10	-	19	0.9%
- Loans UK	1,232	40	24	-	1,296	42	17	21	-	80	6.2%
- Motor Lending ROI	821	-	14	-	835	3	-	6	-	9	1.1%
- Loans ROI	681	74	30	-	785	9	6	19	-	34	4.3%
- Credit Cards ROI	540	34	11		585	4	6	7	-	17	2.9%
Total	71,778	5,571	3,099	95	80,543	142	188	976	2	1,308	1.6%

43

Non-property SME and corporate by stage1,2				Bank of Ireland 2020 Interim Results
Composition (Jun 20)		Gross carrying amount			Impairment loss allowance		ILA %
	(before impairment loss allowance)
								of gross
Sectoral analysis by stage	Stage 1	Stage 2	Stage 3	POCI	Total	Stage 1	Stage 2	Stage 3	POCI	Total
loans
€m	€m	€m	€m	€m	€m	€m	€m	€m	€m
Non-property SME and corporate
- Manufacturing	3,013	1,305	117	-	4,435	24	46	45	-	115	2.6%
- Wholesale and retail trade	1,723	569	147	1	2,440	23	21	79	-	123	5.0%
- Administrative and support service activities	1,705	562	95	26	2,388	23	17	53	7	100	4.2%
- Accommodation and food service activities	783	889	105	-	1,777	12	14	33	-	59	3.3%
- Agriculture, forestry and fishing	1,347	202	119	-	1,668	17	9	29	-	55	3.3%
- Human health services and social work activities	766	620	68	-	1,454	11	42	34	-	87	6.0%
- Transport and storage	675	367	71	-	1,113	6	12	45	-	63	5.7%
- Other services	615	221	145	-	981	5	9	55	-	69	7.0%
- Professional, scientific and technical activities	462	176	14	-	652	6	7	6	-	19	2.9%
- Arts, entertainment and recreation	308	306	31	-	645	2	18	11	-	31	4.8%
- Financial and insurance activities	535	51	24	-	610	4	2	8	-	14	2.3%
- Real estate activities	397	118	73	-	588	10	4	28	-	42	7.1%
- Education	374	71	1	-	446	3	4	-	-	7	1.6%
- Other sectors	983	442	37	-	1,462	8	15	11	-	34	2.3%
Total	13,686	5,899	1,047	27	20,659	154	220	437	7	818	4.0%
Composition (Dec 19)		Gross carrying amount			Impairment loss allowance		ILA %
	(before impairment loss allowance)
								of gross
Sectoral analysis by stage	Stage 1	Stage 2	Stage 3	POCI	Total	Stage 1	Stage 2	Stage 3	POCI	Total
loans
€m	€m	€m	€m	€m	€m	€m	€m	€m	€m
Non-property SME and corporate
- Manufacturing	3,963	356	99	-	4,418	10	11	41	-	62	1.4%
- Wholesale and retail trade	2,031	327	129	1	2,488	8	10	63	-	81	3.3%
- Administrative and support service activities	1,987	142	67	25	2,221	7	5	39	-	51	2.3%
- Agriculture, forestry and fishing	1,523	127	94	1	1,745	7	5	29	-	41	2.3%
- Accommodation and food service activities	1,476	193	49	-	1,718	3	6	19	-	28	1.6%
- Human health services and social work activities	1,018	414	30	-	1,462	4	15	22	-	41	2.8%
- Transport and storage	902	137	46	-	1,085	3	5	34	-	42	3.9%
- Other services	778	98	123	-	999	2	7	51	-	60	6.0%
- Financial and insurance activities	662	14	19	-	695	1	-	6	-	7	1.0%
- Professional, scientific and technical activities	597	67	9	-	673	2	3	5	-	10	1.5%
- Real estate activities	435	90	60	-	585	3	5	27	-	35	6.0%
- Arts, entertainment and recreation	364	62	18	-	444	1	3	7	-	11	2.5%
- Education	426	8	1	-	435	1	-	1	-	2	0.5%
- Electricity, gas, steam and air conditioning supply	363	38	3	-	404	1	1	2	-	4	1.0%
- Other sectors	949	102	10	-	1,061	3	2	7	-	12	1.1%
Total	17,474	2,175	757	27	20,433	56	78	353	-	487	2.4%

1. The Non-property SME and corporate portfolio is analysed by NACE code. The NACE code classification system is a pan-European classification system that groups organisations according to their business activities.
2. Exposures to NACE codes totaling less than €400 million are grouped together as 'Other sectors'. The NACE codes reported in the table above can therefore differ period on period.

44

Forward Looking Information - macro-economic scenarios

Bank of Ireland 2020 Interim Results

30 June 2020		Republic of Ireland			United Kingdom
2020	2021	2022-2024	2020	2021	2022-2024
Downside - 30% scenario probability weighting
GDP growth1	(12.0%)	5.7%	2.5%	(13.0%)	7.9%	1.6%
GNP growth1	(14.0%)	6.9%	2.1%	n/a	n/a	n/a
Unemployment rate2	14.8%	10.9%	7.5%	9.5%	7.9%	6.3%
Residential property price growth3	(10.0%)	(5.0%)	(0.7%)	(10.0%)	(5.0%)	(0.7%)
Commercial property price growth3	(14.0%)	(9.0%)	(0.3%)	(15.0%)	(9.0%)	(0.3%)
Central - 50% scenario probability weighting
GDP growth1	(8.3%)	6.1%	2.7%	(9.3%)	8.8%	1.8%
GNP growth1	(11.6%)	7.3%	2.3%	n/a	n/a	n/a
Unemployment rate2	13.0%	8.2%	4.8%	7.3%	6.0%	4.5%
Residential property price growth3	(10.0%)	(1.0%)	1.0%	(10.0%)	(2.0%)	1.0%
Commercial property price growth3	(14.0%)	(2.0%)	0.7%	(15.0%)	(3.0%)	1.0%
Upside - 20% scenario probability weighting
GDP growth1	(5.0%)	8.5%	2.9%	(6.0%)	10.7%	2.2%
GNP growth1	(7.0%)	9.7%	2.5%	n/a	n/a	n/a
Unemployment rate2	9.8%	6.2%	4.5%	6.3%	4.2%	4.0%
Residential property price growth3	(7.0%)	1.0%	1.7%	(7.0%)	(1.0%)	2.0%
Commercial property price growth3	(10.5%)	0.0%	1.8%	(11.5%)	(0.5%)	1.8%

1. Annual growth rate
2. Average yearly rate
3. Year-endfigures

ROI Mortgages

Continued proactive arrears management

>90 days arrears1

		Industry
		Average
Industry
Average		15.7%
6.5%			3.8%
	1.9%
Owner Occupier	Owner Occupier	Buy to let	Buy to let

>720 days arrears1

		Industry
		Average
Industry		12.1%
Average
4.3%	1.0%		2.1%
Owner Occupier	Owner Occupier	Buy to let	Buy to let

45

Bank of Ireland 2020 Interim Results

>90 days arrears

• Bank of Ireland is significantly below the industry average for both Owner Occupier (29% of industry average) and Buy to Let (24% of industry average)

>720 days arrears

• Bank of Ireland is significantly below the industry average for both Owner Occupier (23% of industry average) and Buy to Let (17% of industry average)

1 As at March 2020, based on number of accounts, industry average excluding BOI

46

UK Customer Loans £29.1bn (€31.7bn)

UK Mortgages - £19.6bn

n South East

n Wales

£2.0bn

£0.8bn

n Scotland

n Greater

London

£1.2bn

£3.3bn

n Northern

Ireland

n Rest of England

£1.1bn

£9.1bn

n Outer

Metropolitan

£2.1bn

Bank of Ireland 2020 Interim Results

UK Mortgages Analysis - £19.6bn

• Total UK mortgages of £19.6bn; (NPEs: 3.1%):
• • Average LTV of 62% on existing stock at Jun 2020 (Dec 19: 63%)
  • Average LTV of 71% on new UK mortgages in H1 2020 (2019: 73%)
• 68% of the current mortgage portfolio originated since January
  2010 are standard owner occupier mortgages
• BTL book is well seasoned with 62% of these mortgages originated prior to January 2010
• Average balance of Greater London mortgages is c.£194k, with 91% of Greater London mortgages having an indexed LTV <70%

Other UK Customer Loans - £9.5bn

	£0.1bn			£0.1bn
£0.1bn	£3.1bn	£0.5bn		£3.0bn
£1.3bn		£1.0bn
			£0.2bn
SME	Corporate	Investment	Land &	Consumer
		Property	Development

n Performing loans n Non-performing exposures

Other UK Customer Loans Analysis - £9.5bn

• Non-performingexposures of £0.8bn with strong coverage ratios
• Performing loans of £8.7bn:
• • SME: broad sectoral diversification with low concentration risk
  • Corporate: specialist lending teams in Acquisition Finance and Corporate lending through a focused sector strategy
  • Investment Property: primarily retail, office and residential sectors
  • Consumer (£3.1bn):
  • • Northridge (£1.9bn): Asset backed motor finance business; net loan book stable in H1 2020; mid-market targeting prime business only; below industry arrears and loan losses
    • Personal loan volumes (£1.2bn): net loan book increase of £0.1bn in H1 2020

47

Ordinary shareholders' equity and TNAV

Bank of Ireland 2020 Interim Results

Movement in ordinary shareholders' equity	2019	H1 2020
(€m)	(€m)
Ordinary shareholders' equity at beginning of period	9,243	9,625
Movements:
Profit attributable to shareholders	448	(726)
Dividend paid to ordinary shareholders	(173)	-
Distribution on other equity instruments - additional tier 1 coupon (net of tax)	-	(31)
Re-measurement of the net defined benefit pension liability	39	562
Debt instruments at FVOCI reserve movements	26	(40)
Cash flow hedge reserve movement	(5)	11
Foreign exchange movements	132	(168)
Other movements	(85)	(2)
Ordinary shareholders' equity at end of period	9,625	9,231
Tangible net asset value	2019	Jun 20
(€m)	(€m)
Ordinary shareholders' equity at the end of period	9,625	9,231
Adjustments:
Intangible assets and goodwill	(838)	(720)
Own stock held for benefit of life assurance policyholders	30	35
Tangible net asset value (TNAV)	8,817	8,546
Number of ordinary shares in issue at the end of the period excluding treasury shares	1,074	1,072
TNAV per share (€)	€8.21	€7.97

Capital and liquidity

	Dec 2019	Jun 2020
	(€bn)	(€bn)
Customer loans	79	77
Liquid assets	27	29
Other assets	26	26
Total assets	132	132
Customer deposits	84	87
Wholesale funding	11	10
Shareholders' equity	10	9
Other liabilities	27	26
Total liabilities	132	132
TNAV per share	€8.21	€7.97
Closing EUR / GBP FX rates	0.85	0.91
	Dec 2019	Jun 2020
Liquidity Coverage Ratio	138%	149%
Net Stable Funding Ratio	131%	135%
Loan to Deposit Ratio	95%	89%

48

Bank of Ireland 2020 Interim Results

Liquidity

• Funding and liquidity remains strong from stable customer deposits and MREL issuance

Customer deposits: €86.5bn

• Growth of €2.5bn principally due to higher current account credit balances predominantly from the impact of COVID-19 restrictions and lower consumer spending

Wholesale funding: €9.5bn

• AT1 and senior debt issuance of c.€0.75bn during H1 2020
• MREL ratio of 24.4% based on RWA at Jun 2020

Leverage Ratio

• Fully Loaded Leverage Ratio: 6.3%
• Regulatory Leverage Ratio: 6.8%

Tangible Net Asset Value

• TNAV decreased to €7.97

49

Capital - strong fully loaded and regulatory CET1 ratios	Bank of Ireland 2020 Interim Results
Capital ratios - Jun 2020
Regulatory ratio	Fully loaded ratio
	(€bn)	(€bn)
Total equity	9.9	10.0
Less Additional Tier 1	(0.7)	(0.7)
Deferred tax	(0.7)	(1.2)
Intangible assets and goodwill	(0.6)	(0.6)
Foreseeable dividend	-	-
Expected loss deduction	(0.3)	(0.2)
Pension Fund Asset	(0.6)	(0.6)
IFRS 9 Regulatory Addback	0.4	-
Other items	(0.2)	(0.3)
Common Equity Tier 1 Capital	7.1	6.5
Credit RWA	41.8	41.5
Operational RWA	4.4	4.4
Market, Counterparty Credit Risk and Securitisations	1.7	1.7
Total RWA	47.9	47.6
Common Equity Tier 1 ratio	14.9%	13.6%
Total Capital Ratio	18.7%	17.4%
Leverage ratio	6.8%	6.3%

Phasing impacts on Regulatory ratio

• Deferred tax assets - certain DTAs1 are deducted at a rate of 60% for 2020, increasing annually at a rate of 10% thereafter until 2024
• IFRS 92 - the Group has elected to apply the transitional arrangement. The transitional arrangement allows a 100% add-back in 2020 and 2021, decreasing to 75%, 50%, and 25% in subsequent years

1 Deferred tax assets due to temporary differences are included in other RWA with a 250% risk weighting applied

2 The IFRS 9 addback to the Regulatory CET1 was c.70bps at 30 Jun 2020, increased from c.15bps at 31 Dec 2019

50

Regulatory Capital Requirements		Bank of Ireland 2020 Interim Results
	Pro forma CET1 Regulatory Capital Requirements	2019	2020	2021
	Pillar 1 - CET1	4.50%	4.50%	4.50%
	Pillar 2 Requirement (P2R)	2.25%	1.27%	1.27%
	Capital Conservation Buffer (CCB)	2.50%	2.50%	2.50%
	ROI Countercyclical buffer (CCyB)	0.60%	0.00%	0.00%
	UK Countercyclical buffer (CCyB)	0.30%	0.00%	0.00%
	O-SIIBuffer (phase in July each year)	0.50%	1.00%	1.50%
	Systemic Risk Buffer - Ireland	-	-	-
	Pro forma Minimum CET1 Regulatory Requirements	10.65%	9.27%	9.77%
	Pillar 2 Guidance (P2G)	Not disclosed in line with regulatory preference

Regulatory Capital Requirements

• The Group's 2020 regulatory CET1 requirement, excluding P2G, has reduced by 218bps, from 11.45% to 9.27%:
• • Pillar 2 Requirement (P2R): ECB announced change in composition of P2R of 2.25%, which reduced the Group's CET1 P2R by 98bps to 1.27%
  • Countercyclical Buffer (CCyB): the Financial Policy Committee UK (FPC) and the Central Bank of Ireland reduced the UK and ROI CCyB rates to 0% until at least Q1 2022, which reduced the Group's CCyB by c.120bps
• CET1 headroom of c.560bps to Dec 2020 regulatory capital requirements of 9.27%
• Regulatory total capital ratio of 18.7% provides headroom of c.495bps above total capital requirement of 14.75% pending further AT1 / Tier 2 issuance to meet increased Tier 1 / Tier 2 requirements following P2R composition change

Risk Weighted Assets (RWAs) / Leverage Ratio

51

Bank of Ireland 2020 Interim Results

Customer lending average credit risk weights - Jun 20201, 2

(Based on regulatory exposure class)

	EAD3	RWA	Avg. Risk
	(€bn)	(€bn)	Weight
ROI Mortgages	23.4	6.4	27%
UK Mortgages	22.0	4.1	19%
SME	17.0	11.7	69%
Corporate	10.5	10.3	98%
Other Retail	5.9	4.2	71%
Customer lending credit risk	78.8	36.7	47%

• IRB approach accounts for:
• • 67% of credit EAD (Dec 19: 69%)
  • 72% of credit RWA (Dec 19: 73%)
• Regulatory RWA has decreased from €50.1bn at Dec 2019 to €47.9bn at Jun 2020. The decrease is primarily due to net loan book growth being more than offset by application of revised SME supporting factor rules, reduction in RWA due to changes in asset quality and mix and FX movements

Leverage Ratio

• Fully Loaded Leverage Ratio: 6.3%
• Regulatory Leverage Ratio: 6.8%

EBA Transparency Exercise 2019

Country by Country Average IRB risk weights

Residential Mortgages - Jun 2019

Sweden
4.2%
Belgium
10.1%
United Kingdom
10.2%
Austria	10.7%
France	10.9%
Netherlands
11.0%
Germany	14.3%
Spain	14.4%
Denmark	14.6%
Finland
15.8%
Portugal	18.0%
Italy	18.9%
Norway	20.9%
Ireland	35.0%

EBA Risk Dashboard Q2 2019

Country by Country Average Leverage ratio

Regulatory Leverage Ratio - Jun 2019

Sweden
4.4%
Germany
4.5%
Netherlands
4.6%
Denmark
4.6%
United Kingdom	5.1%
France
5.1%
Spain	5.6%
Finland	5.6%
Italy
5.8%
Belgium	6.2%
Norway
7.0%
Austria	7.0%
Portugal	7.6%
Ireland	10.1%

1. EAD and RWA include both IRB and Standardised approaches and comprise both non-defaulted and defaulted loans
2. Securitised exposures are excluded from the table (i.e. excludes exposures included in CRT executed in Nov 2017 and Dec 2019)
3. Exposure at default (EAD) is a regulatory estimate of credit risk exposure consisting of both on balance exposures and off balance sheet commitments

Transformation Investment / Operating expenses

52

Bank of Ireland 2020 Interim Results

Transformation Investment: €1.4bn (2016-2021)	Transformation Investment
			Average of €275m p.a.		• Average annual investment of €275m from 2018-2021;
						equates to CET1 capital of c.50-60bps
						• Investment of €109m in H1 2020 split across the income
		€306m				statement (26%), balance sheet (49%) and non-core
		€263m			items (25%)
	€195m					• Total transformation investment of €1.4bn 2016-2021
€105m
					unchanged
2016	2017	2018	2019	2020	2021

Operating Expenses	H1 2019	H1 2020
(€m)	(€m)
Total staff costs	414	425
- Staff costs	350	361
- Pension costs	64	64
Other costs	277	288
Depreciation	149	131
Operating Expenses	840	844
Transformation Investment charge	63	28
Operating Expenses (before levies and	903	872
regulatory charges)
Levies and Regulatory charges	73	70
Total Operating Expenses	976	942
Average staff numbers	10,368	10,383
Cost income ratio1	65%	66%

1 See slide 53 for additional detail

53

Cost income ratio: Jun 2020

Headline vs. Adjusted

Bank of Ireland 2020 Interim Results

	H1 2020	Pro forma	FY 2019
	Headline	adjustments	Pro forma
	(€m)	(€m)	(€m)
Net interest income	1,079	-	1,079
Other income
- Business income	266	-	266
- Additional gains	2	(2)	-
- Other valuation items1	(125)	109	(16)
Total Income	1,222	107	1,329
Costs
- Operating expenses	844	-	844
- Transformation Investment	28	-	28
Costs	872	-	872
Cost income ratio	71%		66%

• Cost income ratio excludes:		• H1 2020 adjusted cost income ratio is adjusted for:
-	Levies and Regulatory charges		- Additional gains and valuation items1 €107m
-	Non-core items

1 Excludes IFRS income classifications which is fully offset in net interest income

Defined Benefit Pension Schemes

Group IAS19 Defined Benefit Pension (Deficit) / Surplus

	2.10%	2.00%
1.60%				1.45%
			1.30%
				€0.53bn
	(€0.48bn)	(€0.23bn)	(€0.14bn)
(€1.19bn)
Jun 16	Dec 17	Dec 18	Dec 19	Jun 20

• IAS19 DB Pension (Deficit) / Surplus EUR Discount Rate

IAS19 Pension Deficit Sensitivities

(Jun 2016 / Dec 2017 / Dec 2018 / Dec 2019 / Jun 2020)

€313m
€118m		€109m €33m	€173m €162m €153m €181m €166m			€122m	€128m		€118m
€102m				€102m
			€71m			€90m
				€38m €19m
				€28m €28m
Interest Rates1	Credit Spreads2	Inflation3	Global Equity4

1. Sensitivity of Group deficit to a 0.25% decrease in interest rates
2. Sensitivity of IAS19 liabilities to a 0.10% decrease in credit spread over risk free rates
3. Sensitivity of Group deficit to a 0.10% increase in long term inflation
4. Sensitivity of deficit to a 5% decrease in global equity markets with allowance for other correlated diversified asset classes

54

Bank of Ireland 2020 Interim Results

Total Group Defined Benefit Pension Scheme Assets (%)

€7.1bn	€7.2bn	€7.2bn	€8.4bn	€8.5bn
58%	55%	65%	65%	68%

17%	21%	23%	23%
25%	24%	21%
12%	12%	11%

Jun 16

Dec 17

Dec 18

Dec 19

Jun 20

• Listed equities n Diversified assets1 n Credit / LDI / Hedging

1Diversified assets includes infrastructure, private equity, hedge funds and property

• IAS19 Pension surplus of €0.53bn at Jun 2020 (€0.14bn deficit Dec 2019). Schemes in deficit €0.18bn, schemes in surplus €0.71bn
• Discount rates increased from year end - a significant fall in risk free interest rates was more than offset by a rise in credit spreads
• The interest rate hedging in the investment portfolios largely compensated for the impact of the reduction in risk free rates, and widening credit spreads resulted in an overall improvement in the balance sheet position
• Long term inflation assumptions have also decreased in the period with the reduction in liabilities partially offset by the reduction in inflation hedging assets
• De-riskingstrategies in recent years have also reduced the schemes' sensitivity to global equity movements. Listed equity asset holdings have been reduced in favour of increases in Diversified assets and Credit / LDI / Hedging allocations

Forward - Looking statement

55

Bank of Ireland 2020 Interim Results

This document contains forward-looking statements with respect to certain of the Bank of Ireland Group plc (the 'Company' or 'BOIG plc') and its subsidiaries' (collectively the 'Group' or 'BOIG plc Group') plans and its current goals and expectations relating to its future financial condition and performance, the markets in which it operates and its future capital requirements. These forward-looking statements often can be identified by the fact that they do not relate only to historical or current facts. Generally, but not always, words such as 'may,' 'could,' 'should,' 'will,' 'expect,' 'intend,' 'estimate,' 'anticipate,' 'assume,' 'believe,' 'plan,' 'seek,' 'continue,' 'target,' 'goal,' 'would,' or their negative variations or similar expressions identify forward-looking statements, but their absence does not mean that a statement is not forward-looking.

Examples of forward-looking statements include, among others: statements regarding the Group's near term and longer term future capital requirements and ratios, level of ownership by the Irish Government, loan to deposit ratios, expected impairment charges, the level of the Group's assets, the Group's financial position, future income, business strategy, projected costs, margins, future payment of dividends, the implementation of changes in respect of certain of the Group's pension schemes, estimates of capital expenditures, discussions with Irish, United Kingdom, European and other regulators and plans and objectives for future operations. Such forward-looking statements are inherently subject to risks and uncertainties, and hence actual results may differ materially from those expressed or implied by such forward-looking statements.

Investors should read 'Principal Risks and Uncertainties' in the Group's Interim Report for the 6 months ended 30 June 2020 beginning on page 28 and also the discussion on risk in the Group's Annual Report for the year ended 31 December 2019.

Nothing in this document should be considered to be a forecast of future profitability or financial position of the Group and none of the information in this document is or is intended to be a profit forecast or profit estimate. Any forward-looking statement speaks only as at the date it is made. The Group does not undertake to release publicly any revision to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date hereof.

Contact Details

For further information please contact:

• Group Chief Financial Officer

Myles O'Grady

tel: [phone]

[e-mail]

• Investor Relations

Darach O'Leary	tel: [phone]	[e-mail]
Eoin Veale	tel: [phone]	[e-mail]
Philip O'Sullivan	tel: [phone]	[e-mail]
Catriona Hickey	tel: [phone]	[e-mail]

• Capital Management

Lorraine Smyth	tel: [phone]	[e-mail]
Alan Elliott	tel: [phone]	[e-mail]
Alan McNamara	tel: [phone]	[e-mail]

• Group Communications

Damien Garvey

tel: [phone]

[e-mail]

• Investor Relations website www.bankofireland.com/investor

56

Bank of Ireland 2020 Interim Results