BofI reports profit growth in all divisions
Bank of Ireland's trading statement for the six months to September, show all divisions performing well, according to Chief Executive Mike Soden.
"The group's impressive record of consistent, high quality and sustainable earnings will again be demonstrated in the half year to September 2003," he said.
Profits before taxation and exceptional items are expected to show a mid single digit percentage growth per share.
The recovery in equity markets since the beginning of the year has benefited the half year result.
Equity values account for around 10% of group revenues, principally in Life Assurance and Asset Management businesses.
The bank has reported strong capital ratios and is to continue its rolling share buy back programme, having already purchased €380m worth of stock, or 3.6% of the outstanding stock in issue.
Retail Republic of Ireland is expected to report strong increases in volumes, market share gains, robust asset quality and good cost containment, profits are expected to grow by a low single digit percentage.
Corporate Banking expects a mid to high single digit percentage loan growth and Private Banking, Davy, First Rate Enterprises and IBI Corporate Finance are expected to produce satisfactory performances in the first half.
A high single-digit percentage profit growth is expected (before goodwill amortisation) in UK Financial Services (UKFS), in constant currency compared to the same period last year.
The improvement in global equity markets during the period has positively impacted on the value of assets under management.
