LONDON (Alliance News) - Bank of Ireland (Governor & Co) on Wednesday said it is trading in line with expectations and said it is seeing continuing momentum in both its businesses in Ireland and its international operations.
The Irish bank said trading has been in line with its expectations in the first quarter of 2015, with asset quality trends improving in line with forecasts on the back of improving economic conditions in Ireland. Defaulted loan volumes at the end of March were lower than the levels at the end of December, it said, with reductions across all asset classes.
The group's customer loan volume at the start of April was EUR85 billion, compared to EUR82 billion at the end of December, with new lending growing in line with expectations. Its Irish business is benefiting from improved customer sentiment in the country, the bank said, while its business in the UK is being boosted by investments made in its distribution platforms.
Net interest income in the quarter was higher, on the back of positive movements for interest earnings assets and modest growth in its net interest margin. Fees and other income are broadly in flat on levels seen in 2014, the bank said.
Bank of Ireland said its transitional CET1 and Total Capital ratios at the end of March were 14.6% and 18.0%, respectively, down slightly from 14.8% and 18.3% respectively at end of December 2014. The bank said it continues to expect to maintain a buffer above a CET 1 ratio of 10%.
Shares in the bank were down 2.1% to EUR0.362 on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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