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Mon, 22nd Feb 2016 14:03
(ShareCast News) - Bank of Ireland´s profits soared last year as the lender ramped up new lending even as it continued to strengthen its balance sheet.The country´s self-described largest lender reported a 30% increase in underlying profits before tax for 2015 to €1.2bn, as the group´s new lending jumped by over 40% to reach €14.2bn.The group said in a statement its goal was re-commence dividend payments, in respect of 2016, in the first half of 2017, progressively rising to around 50% of sustainable earnings.That was more or less in line with the 18% pay-out forecast by Credit Suisse for 2016 and its the same broker´s estimate for the payout to rise to 48% of fiscal year 2017 earnings.In parallel, its fully-loaded common equity Tier 1 capital improved by 200 basis points to 11.3% (Credit Suisse: 11.1%), for a cumulative 500 basis point rise over the last two years.So-called non-performing loans, a barometre of credit quality, were reduced by a further €3.8bn.Net interest margins improved by eight basis points, with customer deposits accounting for more than 90% of its funding.However, Credit Suisse analyst David Da Wei Wong said in a research note sent to clients that guidance for net interest margins was softer than he´d been expecting, although that was offset by better-than-expected guidance on provisions.Commenting on the results, Bank of Ireland chief Richie Boucher emphasised that all of its trading divisions were profitable and had contributed to the institution´s financial performance during the period, which was benefitting from the recovery in the country´s economy.On 4 February the European Commission projected Ireland´s gross domestic product would grow by 4.5% in 2016 abd 3.5% in 2017, following the blistering pace of 6.9% seen in 2015.At €458m underlying second-half PBT was 3% ahead of Credit Suisse´s own estimates and revenues, at €1.23bn, 1% better than forecast by the Swiss broker.As of 15:03GMT shares in Bank of Ireland were standing 4.86% higher at €0.26, following an approximately 23.5% retreat year-to-date.
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31 Mar 2015 12:46
Bank of Ireland shares drop 9% after Fairfax halves its stake
Shares in Bank of Ireland dropped 9% on Tuesday after Canada's Fairfax Financial Holdings sold half of its 5.8% stake in the Irish lender, say press reports. According to a report run by Reuters, Fairfax Financial plans to sell 2.9% of its stake, or 935 million of its shares, netting it a €266m prof
Read more26 Oct 2014 18:23
Ireland's permanent TSB to raise capital after EU stress-tests
Ireland's permanent TSB Group did not meet pass Sunday's European Central Bank stress-tests, prompting the firm to clarity that most of the capital short-fall has already been largely covered. The ECB's stress tests were based on its assessment of European banks' balance sheets as of 31 December 201
Read more11 Jun 2014 15:42
DIRECTOR DEALINGS: Bank Of Ireland Director Wilbur Ross Sells Entire Shareholding
LONDON (Alliance News) - Bank of Ireland Governor & Company Wednesday said Wilbur Ross Jr, a director and major shareholder, resigned as a director of the bank and he along with certain funds connected with him sold approximately 1.8 billion shares, representing 5.5% of the issued share capital,
Read more10 Jun 2014 08:31
Bank Of Ireland Investor Ross Jr Sells Remaining Shares, Resigns As A Director
LONDON (Alliance News) - Bank of Ireland said Tuesday that American investor Wilbur Ross Jr has resigned as a director of the bank and has sold off his remaining shares of around 1.8 billion units in the lender. Bank of Ireland said it had been notified by Ross Jr of his resignation as a Di
Read more25 Jul 2011 09:41
Private investors pour in €1.1bn for stake in Bank of Ireland
A consortium of unidentified investors plan to invest up to €1.123bn to acquire a large stake in Bank of Ireland, which would help the embattled Irish lender escape majority state ownership. According to the deal, the State has agreed to sell 4.2bn shares, representing approximately 14% stake in th
Read more17 Jun 2011 06:04
Friday newspaper round-up: Greece, Standard Chartered, Santander
The economic crisis in Greece threatens the survival of the euro, the common destiny of Europe and its peace and stability, President Sarkozy of France said yesterday. Europe's two most powerful leaders, Mr Sarkozy and Angela Merkel, the German Chancellor, meet today to try to save the single curren
Read more24 May 2011 08:58
Moody's may downgrade UK banks
Shares in UK banks took a knock after the ratings agency Moody's said it is considering downgrading Lloyds Banking, Royal Bank of Scotland and 12 other banks in response to the UK regulator appearing less willing to bail out lenders in the future. "The reassessment is not driven by either a deterio
Read more14 Apr 2011 17:56
Net loss slashed at Bank of Ireland
The underlying loss before tax at struggling Irish lender Bank of Ireland widened in 2010, as the company booked a €2.24bn loss on the sale of assets to the National Asset Management Agency (NAMA), the so-called "bad bank" set up by the Irish government. The underlying loss before tax expanded to €
Read more1 Apr 2011 14:57
Sector movers: Banks rise on Ireland hopes
Financial stocks are in demand today, with banks performing strongly following the Irish banking stress tests yesterday. Irish banks are unsurprisingly leading the way amid hopes the government's plans will keep the sector out of harm's way. Bank of Ireland is sharply higher. British banks such as
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