According to the bank's second quarter report, new lending volumes are expected to fall to 30%, while business income will slide to between 20 and 30%.
Despite the losses, the bank says the new report is more cautiously optimistic than its first quarter report.
Bank of Ireland CEO, Francesca McDonagh, says many customers on a payment break are looking for an extension.
"We are seeing just over 50% of mortgage customers want to have another three month payment break and it's slightly higher for SME customers.
"We are below the market, but still slightly higher than we would have seen in mortgages and I think a lot of that is to do with businesses waiting to get benefits from the Capital Guarantee Scheme."