Bank of Ireland reported a 7% rise in first half profits in line with forecasts. The bank also said it expected a satisfactory outcome for the full year.
Profit before tax and exceptional items for the half year to September 30 rose to €642m from €602m last year. Underlying earnings per share at the bank were 11% higher. Analysts had expected first half profits between €633-€655m.
In a statement the bank said it viewed the immediate future with optimism, that the economic backdrop in its principle markets was positive, and that each of its businesses were performing well. 'We have strong asset quality, we are very comfortably capitalised and we are delivering against our key strategic objectives,' it said.
Due to an administrative error the results were published a day early.
Head of research at Dolmen Securities Stuart Drapier said the results were very strong, and in line with market expectations. He said there was strong lending growth in Ireland.
Bank of Ireland said that the results reflected a robust performance by both domestic and international business, with good organic growth, while maintaining credit quality and tight control of costs.
