July 29, 2019 / 7:30 AM / 3 months ago

Bank of Ireland reports lower H1 profits but meets key targets

DUBLIN, July 29 (Reuters) - Bank of Ireland on Monday reported lower first-half pre-tax profits of 376 million euros, which compares with 500 million euros for the same period last year.

Chief executive officer Francesca McDonagh told Reuters that the bank’s cost reduction programme would meet its 2021 target of a 1.7 billion euros ($1.89 billion) cost base.

“Costs are continuing to improve, cost are down 3% and that is a continuation of progress we have made in the 18 months,” she said.

The bank’s ratio of bad loans to its total loan book improved by 1% to 5.3%, and net interest margin was steady at 2.16%. Its fully loaded capital ratio increased by 40 basis points to 13.6%.

There was an impairment charge of 21 basis points, and the bank said the charge would be between 20-30 basis points for the period 2019 to 2021.

$1 = 0.8994 euros Reporting by Graham Fahy. Editing by Jane Merriman

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