Bank of Ireland’s Start to 2022 Was Positive, with Strengthened Capital Position

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By Sabela Ojea

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Bank of Ireland Group PLC said Wednesday that it has had a good start to 2022, with net interest income, costs and capital performing in line with expectations, and added that its business momentum remains positive.

The lender said that its common equity Tier 1 ratio–a key measure of balance-sheet strength–stood at 16.3% and that its cost discipline continued with a net reduction of 1% in the quarter, in line with views.

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“The movement in the period primarily reflects the benefits from organic capital generation, supported by a positive move in the group’s pension position, partially offset by the mix of investment in customer lending,” the bank said in relation to its capital position.

The bank’s net interest margin was 1.75% in the quarter, it said, falling by 15 basis points.

Regarding its asset quality, the company said that it remains strong after booking a net credit charge in the quarter, also in line with expectations.

Write to Sabela Ojea at [email protected]; @sabelaojeaguix

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Credit: www.marketwatch.com /

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