18th Jun 2021 17:26
Bank of Ireland Group PLC - Dublin-based lender - Agrees sale of portfolio of non-performing Irish mortgages predominantly secured on owner occupied and buy-to-let investment properties.
Portfolio has a gross carrying value of about EUR344 million, and upon completion due June 25, the transaction is expected to result in a March 31 pro-forma reduction in the bank's non-performing exposure ratio to about 5.3% from about 5.7%.
The transaction will increase the bank's regulatory CET1 ratio by about 15 basis points with net interest income reducing by about EUR5 million on a full year basis.
"This transaction, in conjunction with ongoing forbearance support for our customers, has enabled the group to continue to accelerate progress in reducing its NPE ratio. Our NPE reduction strategies continue to be kept under review in response to the associated and evolving regulatory framework," lender says.
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By Paul McGowan; [email protected]
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