Inside Business podcast with Ciarán Hancock
Higher ECB interest rates were a key factor in Bank of Ireland's pre-tax profits for 2023. Photographer: Brian Lawless/PA WireBank of Ireland were in the strange position on Monday of reporting pre-tax profits of €1.94bn for 2023, up from €1bn in 2022, but seeing their share price plunge by over 10pc. There was also the announcement of a €1.15bn of dividends and share buybacks.
To make sense of Bank of Ireland’s latest results, along with some insight into what this year is likely to have in store for the three main banks here, host Ciarán Hancock was joined by Irish Times Markets Correspondent Joe Brennan and Financials Analyst at Goodbody, John Cronin. Also on this week’s episode, Director & Head of Research at BNP Paribas John McCartney was in studio to break down the latest data on commercial property vacancy rates and why they are hitting record levels.
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Bank of Ireland to return €1.15bn to shareholders as earnings surgeBank of Ireland plans to return €1.15 billion to shareholders through dividends and share buybacks in the coming months, after reporting a surge in earnings on the back of higher interest rates and the purchase of loans from KBC Bank Ireland, as the Belgian-owned lender exits the market.
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Bank of Ireland forecasts further 15% drop in commercial property valuesThe lender has booked a €175 million impairment charge on the value of its commercial property loan book as prices continue to fall
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Explainer: Why layoffs at TikTok and other tech companies could become a real problem for IrelandIn an increasingly AI-themed tech world, could multinationals start looking away from Ireland when it comes to their long-term business plans?
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