20

22

2022 Interim Results Announcement

30 June 2022

3

Bank of Ireland 2022 Interim Results

Group CEO

Francesca McDonagh

Strong business performance and strategic progress in H1 22

5

Bank of Ireland 2022 Interim Results

H1 22

Performance

Strategic

Progress

Asset

Quality

Capital &

Distributions

€419m

Underlying profit

before tax

110%

Increase in new current accounts

5.4%

NPE ratio

15.5%

Fully Loaded

CET1 ratio

  • Total income modestly higher vs H1 21 (excluding additional gains, valuation items and acquisitions)
  • Maintaining cost discipline while investing to attract customers from exiting banks
  • Adjusted RoTE1 of 8.1%; on track to deliver sustainable RoTE >10% in near term
  • State holding < 3%; expect to be fully privately owned in 2022
  • Changing market structure in Irish retail banking; 110% increase in new current accounts opened vs H1 2021, supported by enhanced digital capabilities
  • Increased share of Ireland's attractive wealth market; Davy acquisition completed
  • Competition approval received for KBC Bank Ireland portfolio acquisition
  • Asset quality remains strong; NPE ratio reduced during H1 22
  • Net credit impairment charge of €47m includes consideration of the uncertain environment
  • Quality of loan books provide reassurance; coverage levels remain at 2.5%
  • Strong business model generating organic capital of 60bps in H1 22; 80bps of capital invested on completion of Davy acquisition in June 2022
  • CET1 target >13.5%; accommodates increased countercyclical buffers
  • Strong capital position, combined with organic capital generation, support growth in distributions on a prudent and progressive basis

1 Updated basis of calculation for adjusted RoTE, which excludes the pension surplus, is set out on slide 50

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Bank of Ireland Group plc published this content on 03 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2022 06:11:02 UTC.