17th Jul 2007 10:12
Bank of Ireland(Governor&Co)17 July 2007 Bank of Ireland Group Interim Management Statement and Governor's comments at Annual General Court 17th July 2007 Bank of Ireland is issuing the following Interim Management Statement tocoincide with its Annual General Court which is taking place today, 17th July,at 10am at the O'Reilly Hall, U.C.D., Belfield, Dublin 4. Interim Management Statement - Governor's comments at the 2007 Annual GeneralCourt: Bank of Ireland continued to generate good volume and earnings growth in thefirst quarter of this financial year in a continuing positive economic climate.In Ireland, employment, retail sales and industrial production remain robust andstrong domestic demand continues to underpin economic growth. In the UK,economic growth continues to be solid, underpinned by firm consumer spending. Aspreviously guided, rising interest rates in both these markets have reduced therate of volume growth compared with last year. Asset quality across the Groupremains strong. During the quarter we continued to actively manage our capitalin support of the growth in our business and our capital position remainsstrong. In our Preliminary Results announcement on 31st May 2007 we guided low doubledigit underlying EPS growth to March 2008 from a base of 144.6 cent in March2007. Taking into account our business performance in the first quarter of ourfinancial year we remain comfortable with this guidance. In further comment at the Annual General Court on the Group's performance forthe year to 31st March 2007 the Governor, Richard Burrows, said: Strong organic growth is the main feature of our results for the year to 31stMarch 2007. Underlying profit before tax and earnings per share both increasedby 22%. Total dividend is proposed to increase by 15%. One of the mostsatisfactory aspects of this performance is that the growth was achieved acrossthe Group through excellent performances in all of our business Divisions. The Court There have been a number of changes to the composition of the Court in the pastyear. George Magan was appointed Deputy Governor and Caroline Marland as SeniorIndependent Director in October 2006 following the resignation of Denis O'Brienfrom the Court. Richie Boucher, Des Crowley, Denis Donovan and Dennis Holt were co-opted to theCourt with effect from 6th October 2006 and go forward for election today. Caroline Marland and Tom Moran, retire from the Court at the end of this meetinghaving each served two terms as non-executive directors. On your behalf I thankCaroline, Denis O'Brien and Tom for their commitment to the work of the Court. In the context of these departures from the Court the Directors propose threenew candidates for election today, Rose Hynes, Jerome Kennedy and Heather AnnMcSharry. In addition, Brian Goggin, Paul Haran and Terry Neill offer themselves forre-election today under the Bank's Bye-Laws requiring each Director to besubject to re-election at intervals of no more than three years. I thank my fellow Directors for their support during the past year. Forward-looking statement This statement contains certain forward-looking statements within the meaning ofSection 21E of the US Securities Exchange Act of 1934 and Section 27A of the USSecurities Act of 1933 with respect to certain of the Bank of Ireland Group's ("the Group") plans and its current goals and expectations relating to its futurefinancial condition and performance and the markets in which it operates. Theseforward looking statements can be identified by the fact that they do not relateonly to historical or current facts. Forward-looking statements sometimes usewords such as 'aim', 'anticipate', 'target', 'expect', 'estimate', 'intend', 'plan', 'goal', 'believe', or other words of similar meaning. Examples offorward-looking statements include among others, statements regarding theGroup's future financial position, income growth, business strategy, projectedcosts, estimates of capital expenditures, and plans and objectives for futureoperations. Because such statements are inherently subject to risks anduncertainties, actual results may differ materially from those expressed orimplied by such forward-looking statements. Such risks and uncertaintiesinclude but are not limited to risks and uncertainties relating to profitabilitytargets, prevailing interest rates, the performance of the Irish and UKeconomies and the international capital markets, the Group's ability to expandcertain of its activities, competition, the Group's ability to addressinformation technology issues and the availability of funding sources. The Bankof Ireland Group does not undertake to release publicly any revision to theseforward-looking statements to reflect events, circumstances or unanticipatedevents occurring after the date hereof. Ends. Contacts:Geraldine Deighan, Head of Investor Relations +353 1 6043501Dan Loughrey, Head of Corporate Communications +353 1 6043833 This announcement has been issued through the Companies Announcement Service of the Irish Stock Exchange This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
BKIR.L