BoI expects 25% eps increase for half-year
Bank of Ireland expects a 25% increase in earnings per share (eps) for the six months to September 30, compared with a figure of 57.3c for the same period last year.
This means that predicted eps growth for the full year to March 31, 2007, has been revised to a figure in the high teens.
The group expects strong performances from its retail, life, wholesale and UK Financial Services (UKFS) divisions.
The bank’s CEO, Brian Goggin, said: "The momentum across our business portfolios is very strong and we expect to deliver an excellent group performance for the half-year.
“Our investment and growth strategies are now delivering results, and we are particularly pleased with the anticipated strong profit growth in our UKFS division.”
Cost growth is expected to be up 5% on last year, compared with an increase of about 12% in income growth.
Mr Goggin said: “Whilst driving growth, our focus on cost management is relentless.”
Profit before tax in the UKFS division is expected to grow by 30%. Trading in a joint venture with the British Post Office is reportedly progressing well.
The results are due to be announced on November 16.
