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Bank of Ireland Group posts YOY fall in H1 profit

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Bank of Ireland Group posts YOY fall in H1 profit

Bank of Ireland Group PLC's profit attributable to shareholders fell 8% for the first half of 2018 to €350 million compared to €382 million in the first half of 2017, the bank reported July 30.

First-half profit before tax was €454 million, down from €460 million in the same period a year ago.

Earnings per ordinary share stood at 32.5 cents, down from 32.8 cents in the previous year.

Net interest income fell year over year to €1.08 billion from the restated figure for the 2017 first half of €1.15 billion. The annualized net interest margin fell to 2.23% from 2.32%.

Fee and commission income dropped to €263 million from €269 million, while fee and commission expense dropped to €105 million from €109 million.

Impairment gains on financial instruments stood at €81 million from the year-ago loss of €59 million.

The bank's CRD IV fully loaded common equity Tier 1 ratio stood at 14.1% at June-end, compared to 13.8% at Dec. 31, 2017.