Bank of Ireland (BUY, Target Price €0.39, previous close €0.321) is to release FY14 results this Friday. We expect a write back in loan loss provisions, as it revises its overly conservative Peak-to-Trough housing price decline assumption by 5% (from 55% to 50%). We expect this should release ~€175 of €200m of previsions. Furthermore we forecast FY14e Net attributable Profit of €706m.
.. good job estimating the bottom line JohnMcclean .. i have not done the little numbers yet.. but these estimates are just about right.. i am looking at 1b net income.. same with AIB .. just a few more days left..
the business post had a bit on the results today. the part on earnings wasn't very clear. the headline mentioned 750million est underlying profit. in the commentary they seemed to include write backs in the 750 mill. that would leave 550 million underlying profits.
they did focus on the possibility of a dividend in 2016 though. they quote Deutsche bank as saying the bank will unveil a new set of targets shortly that will include dividends in 2016 paid out based on 20% of 2015 profits. then 40% of 2016 profits paid in 2017and 50% 2017 profits paid in 2018. no mention of pref share redemption though.
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