Bank of Ireland made a pre-tax profit of €1 billion in the first six months of the year on the back of higher interest rates, strategic actions and positive business momentum.
The bank said that the increase in profit reflects higher interest rates, strategic actions and positive business momentum.
Customer deposits of €101.7 billion increased €2.5 billion since December, mainly due to growth of €2.6 billion in its Retail Ireland division. Total income for the period was €2.2 billion. The bank said its adjusted return on tangible equity – a measure of the bank’s profitability – stood at 18.5%. “These results are underpinned by the strategic decisions and investments we’ve made in recent years, supported by a resilient economy and a favourable rate environment,” Myles O’Grady, Bank of Ireland Group CEO, said.
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