Bank of Ireland predicts continued good results
Bank of Ireland has predicted further good results for the rest of 2004 after reporting strong first quarter results with reduced costs throughout the group.
The prediction was made by the bank's Governor, Laurence Crowley, speaking at the bank's Annual Court today.
"I am very pleased to report on a strong set of results from Bank of Ireland Group for the year to end March 2004," said Mr Crowley.
Highlights of this performance included profit before tax up 8% to €1,267m and dividend growth of 12%.
"We also made significant progress on our drive to reduce costs in the Group during the year. We achieved a positive gap between income and cost growth of 3%, exceeding our target and reversing the trend of previous years," said Mr Crowley.
He sees improvements in the business as the year progresses.
"Our business in Ireland has performed strongly for the first three months of the year. In the UK we are achieving growth in our main businesses and we are seeing positive benefits arising from the cost reduction programme. Early indications are also encouraging for our Joint Venture with the UK Post Office.
"Overall therefore I expect to see a continued good performance for the Group for the year," said the Governor.
Bank of Ireland shares are up 16c at €10.60 today.
