- Bank of Ireland reported a full year 2014 underlying profit before tax of €921m compared with a loss of €564m in 2013, a turnaround of €1,485m.
- The bank continues to support the Irish economy and lending of €5.7bn in 2014 is almost 50% ahead of the prior year.
- Evidence of the bank’s progress in reaching workable solutions in relation to distressed loans can be seen with non-performing loan balances reducing by €2.8bn (16.3%) in the year and €4.0bn (21.7%) since the reported peak in June 2013.
Speaking after the release of Bank of Ireland’s end of year results, Minister for Finance Michael Noonan T.D. stated:
“The strong results announced by Bank of Ireland today are very encouraging. It is significant that BOI has now returned to full year profitability, has an impressive capital build, a growth in new lending, and made significant progress in reducing distressed loan balances. BOI also made significant progress in restructuring its mortgages arrears with a total of 4,006 defaulted loans subject to restructuring measures.
As well as providing further evidence of the improving Irish economy, these results underpin the value of the State’s almost 14% equity investment in Bank of Ireland which, at today’s share price, is worth in the region of €1.5bn”.
Ends
27 February 2015
Notes to Editors
- Since its original investment of €4.8bn in the Bank, the State has received cash back of c. €6bn.
- In addition to this, the State continues to hold almost 14% of shares in Bank of Ireland with a market value today of c. €1.5bn.
