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Bank of Ireland reports lower nonperforming, defaulted loans in Q1

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Bank of Ireland reports lower nonperforming, defaulted loans in Q1

Bank ofIreland said its nonperforming loan volumes dropped by €900 millionto €11.1 billion from December 2015 to March 2016, and the bank expects thelevel of bad loans to continue to fall.

During the period, defaulted loans fell by €800 million to€9.8 billion. The reductions reflect ongoing progress in the group's resolutionstrategies, which include "appropriate and sustainable support" tofinancially troubled clients, the positive economic environment and the ongoingrecovery in collateral values.

Bank of Ireland said its net interest margin averaged 2.11%in the first quarter. Net interest income performed in line with the firm'sexpectations during the quarter, while liquid asset volumes were higher thananticipated. Customer loan asset spreads and other noninterest income and feeswere largely in line with the second half of 2015.

The group paid around €50 million in regulatory charges andlevies during the period.

As of March 31, the group's fully loaded common equity Tier1 ratio was 11.2%. The group's transitional CET1 and total capital ratios were13.1% and 17.7%, respectively.