Bank of Ireland Group PLC reported on Wednesday a significant decline in pretax profit for the first half of 2022 after booking higher net credit charges and operating expenses.
The Irish lender posted a pretax profit of 335 million euros ($340.6 million) compared with EUR465 million for the same period a year earlier.
The bank’s underlying pretax profit fell to EUR419 million from EUR465 million, it said, adding that it booked a net credit impairment charge of EUR47 million compared with a EUR1 million charge a year earlier and total operating expenses of EUR849 million from EUR837 million for the prior year.
Total income decreased slightly to EUR1.39 billion from EUR1.40 billion, while net interest income rose to EUR292 million from EUR268 million. Net interest income is expected to rise slightly for 2022 when compared with 2021, it noted.
The bank ended the period with a fully loaded common equity Tier 1 ratio–a key measure of balance-sheet strength–of 15.5%.
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