29th Oct 2021 14:54
Bank of Ireland Group PLC - Dublin-based lender - Posts a 17% increase in operating profit pre-impairment in the nine months ended September 30 compared to the same period in 2019, pre-Covid-19. Net interest income is in line with expectations, up 2% annually in the same period, while net interest margin is 1.84%. Says strong accretion of capital in third quarter, with the regulatory CET capital ratio of 16% and fully loaded CET capital ratio of 15%. Business income up 8% in 9 months, boosted by Wealth and Insurance growth.
Notes progressing with two separate purchases for KBC and Davy, having reached a binding agreement with KBC earlier this month. Completion of both expected in 2022.
"During the third quarter of 2021, we have seen continued recovery of business activity, supported by a more positive economic environment and outlook. The continued improvement in our performance in the third quarter is reflected by higher income, lower costs and an increase in capital," comments Chief Executive Francesca McDonagh.
Current stock price: EUR5.19
Year-to-date change: up 57%
By Will Paige; [email protected]
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