Bank of Ireland sees greater interest income amid rising rates via IrishTimesBiz
“Overall business momentum is positive,” said interim chief executive Gavin Kelly. “We are upgrading our net interest income guidance for 2022 to reflect the interest rate outlook. The strength of our business model means we are firmly on track to deliver sustainable [return on tangible equity] of greater than 10 per cent in the near term.”
Customer deposits grew by €3.9 billion over the nine months to €96.7 billion, with a €7.8 billion jump in deposits in the Retail Ireland division partly offset by a €4.2 billion reduction in the UK. The bank revealed on Tuesday evening that it had had reached deals to offload portfolios of problem Irish and UK loans, mainly made up of mortgages, that are valued at a discounted rate of €1.4 billion on the bank’s balance sheet. This would see its non-performing loans ratio fall to 3.7 per cent, which is close to the EU banking average, from about 5.4 per cent.
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