Bank of Ireland said today it is on track to deliver a strong performance this year, adding that it is also on track for its 2028 financial targets.<\/p>\n
Bank of Ireland is the country’s biggest bank by assets.<\/p>\n
In an interim management statement for the nine months to the end of September, the bank said its total income rose by 6% while its net loans rose by 5% to \u20ac86.1 billion.<\/p>\n
Sustainable finance lending grew to \u20ac20.7 billion, up 17% so far this year, the bank noted.<\/p>\n
It added that its deposits rose by 3% to \u20ac110.3 billion, while assets under management jumped by 16% to \u20ac67 billion.<\/p>\n
The bank said its net interest income (NII) – a key banking metric – is 4% higher year to date compared to the same time last year, on the back of balance sheet growth and structural hedge benefits.<\/p>\n
Bank of Ireland said today that it was upgrading its 2026 NII guidance for the second time this year, from about \u20ac3.5 billion to more than \u20ac3.5 billion.<\/p>\n
The lender said its operating expenses (including restructuring costs) are about 2% higher on last year – in line with its full year guidance – due to inflation and investment, which were partially offset by targeted efficiencies and slightly lower restructuring costs.<\/p>\n
Meanwhile, its non-performing loan ratio stood at 2% at the end of the third quarter, down from 2.2% at the end of last year, with stable credit trends across the portfolios.<\/p>\n
Myles O’Grady, the Bank of Ireland Group CEO, said the the bank was delivering against all priorities and targets with real momentum three quarters into the first year of its new strategic cycle.<\/p>\n
“This is reflected in continued growth in loans, deposits and wealth assets under management, supporting income growth and strong capital generation, whilst asset quality remains resilient,” he said.<\/p>\n
The CEO said the bank continues to invest in strengthening its leading franchise positions in the Irish market.<\/p>\n
“We have rolled out our new Mobile App, which has been well received by our customers, and made further progress on our financial planning platform, which is instrumental to our Wealth and Insurance strategy,” he said.<\/p>\n
“We welcome the recent announcement of the Irish Government’s Individual Investment Account and we are well positioned to bring innovative propositions to customers in 2027,” he added.<\/p>\n
He also said that the bank continues to remain alert to geopolitical developments, a favourable Irish economy, its unrivalled market positions and its strongly capital generative business model offer continued momentum, underpinning the durability of earnings growth into 2027 and beyond.<\/p>\n