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2021 Interim Results Announcement
30 June 2021
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Bank of Ireland 2021 Interim Results
Group CEO
Francesca McDonagh
Strong performance in H1 2021
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Bank of Ireland 2021 Interim Results
H1 2021
Performance
Asset Quality
Transformation
Capital
€465m
Underlying profit
before tax
5.5%
NPE ratio
4%
Reduction
in costs
15.3%
Regulatory
CET1 ratio
- Operating profit pre-impairment +72% vs H1 2020
- Total income +14%; higher net interest income, business income and valuation items
- Strong UK performance; operating contribution +52% on higher margins and lower cost
- Impairment charge of €1m reflecting improved economic outlook and minimal loan loss experience
- NPE ratio reduced to 5.5%, supported by €0.3bn Irish mortgage securitisation
- 99% of payment breaks now concluded with minimal impact on asset quality
- 7th straight reporting period of sustainable cost reductions
- End-to-Endcustomer journey programme delivering c.€60m in annualised cost savings
- Ongoing progress in systems transformation with digital fulfilment now at 75%
- Strong capital position; Fully Loaded CET1 ratio 14.1%
- Pre-impairmentorganic capital generation of 90bps H1 2021 vs 45bps H1 2020
- Sufficient capital to execute proposed inorganic KBC and Davy opportunities
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Bank of Ireland Group plc published this content on 20 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 September 2021 16:31:05 UTC.