Bank of Ireland group chief executive Myles O’Grady
Profits at Bank of Ireland fell to €1.4bn last year, from €1.9bn a year early, as lower ECB interest rates fed through to lending margins.
The bank’s bottom line also took a hit from a charge of €430m, including UK motor finance provision of €264m.
However, Irish lending increased by 6pc as did deposits and Wealth Assets Under Management increased by 9pc.
The bank finished a three year strategic cycle last year, and kicks off a new one in 2026.
CEO, Myles O’Grady, said it had closed out its 2023–2025 strategic cycle on a very strong footing.
“Over the past 3 years, the Irish loan book grew by 33pc, Irish deposits by 11pc and Wealth Assets Under Management by 54pc,” he said.
“This excellent business performance enabled strong shareholder returns of €3.6bn
through buybacks and dividends, supported by consistent execution on the financial targets that we set for the Group, where we delivered an average 16pc adjusted ROTE, beating our target.
“During this period we also increased new to bank customers by 18pc while significantly improving customer experience, with a 16 point increase in the Customer Relationship Net Promoter Score reflecting sustained investment in digital and customer experience capabilities,” he said.