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BANK of Ireland raked in profits of €1.9billion before tax last year, it has been revealed.
The Bank of Ireland 2024 Annual Results, published today, revealed that the institution had experienced a drop in profits the previous year, only taking away €1.86billion in pre-tax profits.
CEO of Bank Of Ireland groups Myles O’Grady told RTE’s Morning Ireland that the bank had a “strong and profitable” 2024.
He added that after the first two years of a three year plan they are happy with overall progress.
The CEO said: “We’ve had a strong and profitable 2024, we’ve now completed year two of a three year strategy – that strategy is working very well.
“The macroeconomic backdrop is supportive and indeed our business model continues to be well positioned to benefit from this.”
The results showed an adjusted return on tangible equity of 16.8 per cent, with Bank of Ireland hoping to hit an adjusted return on tangible equity of above 17 per cent in 2027.
The bank’s total loans increased by six per cent and their customer deposits were up two per cent.
Overall, €103.1billion customer deposits were made in 2024 and net interest income came to €3.565 billion.
These increases will allow the bank to give €1.22billion back to shareholders through both dividends and share buybacks, with this figure up from the previous year’s €1.15billion.
The bank are predicting Ireland’s economy to grow three per cent in 2026 and 2027.
And the lenders will see growth of three per cent and four per cent each year in their deposits and loans.
These increases would see the bank’s net capital generation equivalent to near 45 per cent of their end-2024 market cap from 2025 to 2027.
CEO Myles O’Grady opened up on the three key pillars to success that he claims are “driving” performance”.
Mr O’Grady explained: “We are now two-thirds of the way through our current strategic cycle and continue to meet or beat all our business targets.
“This performance reflects focused and consistent strategic execution, our differentiated business model, and the attractive markets where we do business.
“Our strategy is to build stronger customer relationships, a simpler business, and a more sustainable company.
“These pillars are driving our performance and will future proof our business as we look to the future with confidence.”
He continued: “The Group enters 2025 with momentum across all business lines.
“Notwithstanding potential impacts to global trade, our business model continues to be highly capital generative for the coming year and beyond, supporting customer growth, business model investment and attractive shareholder returns.”
The bank have also set aside €172m to cover any potential cost ahead of a UK motor finance commission investigation.
And amid fears of the knock-on impacts of Donald Trump’s reelection on international trading, the CEO maintains Ireland is in a good position.
He said: “The export sector in Ireland is performing well despite these challenges and the potential risk of trade disloation… most sectors are seeing growth, pharma up 18 per cent, technology up 19 per cent.
“So I would point to the maturity of the sector, more than 40 year building up our proven capability.
“Access to the European Single Market remains key, foreign direct investment overall to Ireland is a source of stability for the Irish economy.”
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