Bank Of Ireland Share Discussion Threads

[my retirement fund] 31/10/2017 09:48

Should become a decent income stock once the brexit cretins have finished shagging over the UK and crawled back into the woodwork

[hayfield] 30/10/2017 08:07

Once this tracker Mortgage scandal passes this is going to become very profitable soon

[turbocharge] 26/10/2017 13:31

Bank of Ireland Group plc (the ''Group'')
Interim Management Statement - Q3 2017 update
26 October 2017

Trading
The Group continues to trade in line with expectations.

Economic growth in our core markets of Ireland and the UK remained positive notwithstanding ongoing uncertainties related to the UK's decision to leave the European Union.

Net interest income was in line with the first half of 2017. Our net interest margin for the 9 months to September 2017 was 2.34%, reflecting our evolving asset mix and reductions in the cost of funding, partially offset by the ongoing impact of the low interest rate environment and excess liquidity on the quantum of liquid assets. Our recent Tier 2 capital issuance of €0.75 billion will reduce our net interest margin from Q4 2017 onwards by c.3bps.

Business income has remained in line with the first half of 2017.

The Group has continued to maintain tight control over our cost base, while making appropriate investments in our businesses, infrastructure and people including our multi-year business transformation investment programme which continues to make progress.

Balance Sheet
Customer loan volumes were €77 billion at the end of September 2017.

New lending of €10 billion for the 9 months to September 2017 was c.3% higher than the same period in 2016 on a constant currency basis and included a c.38% increase in ROI mortgage volumes. Our market share of ROI new mortgage lending for the first 8 months of 2017 was 26%, a 1% increase from 2016.

Customer deposits were €75 billion and wholesale funding was €13 billion at the end of September 2017.

Asset quality across our loan portfolios has continued to improve. Non-performing exposures have reduced by €0.4 billion since the end of June 2017 to €7.7 billion at the end of September 2017. Impaired loans have also reduced by €0.4 billion during the same period to €5.0 billion.

Capital Position

The Group's fully loaded CET 1 ratio increased by 30bps from 12.5% at the end of June 2017 to 12.8% at the end of September 2017.

The Group's organic capital generation during the quarter was partially offset by the impacts of the investment in our business transformation programme and a modest increase in the IAS 19 accounting standard defined benefit pension deficit; consistent with H1 2017, the Group has made a deduction for a potential dividend in 2018 in respect of the 3 month period to end September 2017.

At the end of September 2017, the Group's transitional CET 1 ratio was 14.7%, and the Group's Total Capital ratio was 18.9% which reflects the benefit from the Group's recent Tier 2 capital issuance.

Tracker Mortgage Examination Review

The Group continues to progress the work associated with the Tracker Mortgage Examination being undertaken by the Central Bank of Ireland.

· In 2010, prior to the current Examination and under the direction of the Central Bank of Ireland, the Group undertook a desk based review of tracker rate mortgage switches. This resulted in the remediation of c.2,100 accounts and a further c.3,000 customers were offered the option of returning to a tracker rate at the end of a fixed term.
· Under the current Examination, the Group has identified c.600 accounts where a right to, or the option of, a tracker rate was not appropriately provided to the customer in accordance with their loan documentation. The Group has also identified a small rate differential (average 0.15%) on c.3,700 tracker mortgages which was not the appropriate rate specified in the loan documentation.
· All c.4,300 impacted customers were returned to their correct tracker rates between March 2016 and August 2017.
· The Group has committed to communicating the compensation process to these impacted customers from 10 November 2017.

The Group will continue to review whether other customers should be included in the compensation process and will ensure that any such impacted customers will be treated fairly. To the extent that an additional provision associated with this review is required, the Group anticipates this to be manageable in the context of the Group's capital position outlined above. A further update will be issued in mid-November.

Ends

[enturner] 26/10/2017 12:42

Seems like a good interim statement. Tracker mortgage issue well under control here. I'll stay invested. Some good opportunities at this level despite background of brexit.

[hayfield] 26/10/2017 09:12

Tracker Mortgage scandal. Could be looking at a 250 million hit. Would not surprise me now if the divi got put off again till 2019.

[kemorkid] 25/10/2017 15:17

What is going on here??

[dafreti] 24/10/2017 15:42

Unfortunately, My Retirement Fund, most of those that voted Brexit wont be suffering. They've already had free education, free healthcare, jobs for life, ever-climbing housing equity, endowments, ISAs and fat company pensions with a nice triple-lock on the side. They don't need their rights as EU citizens anymore.

Those that will be 'screwed down' are mostly too young to vote.

[kemorkid] 24/10/2017 08:56

I agree
It's now at 22cent level pre consolidation

[mb2] 24/10/2017 00:28

Over reaction to the tracker mortgage scandal a factor too. Should draw a line in the sand on this in the next few weeks with Central Bank & the Government stepping up the pressure. Good time to buy in the next few days as speculation grows as to the exposure.

[shareho1der] 26/9/2017 08:21

Sell and move on

[hayfield] 19/9/2017 15:46

What direction is this bank going, with talk of selling the UK assets is this a good thing I wonder? And what of the new incoming chief executive Francesca McDonagh, is she going to make BOI great again or is she just happy to be there?

[mcsean2164] 10/8/2017 09:59

Agree back at the start of 2016 we were over 30p. Has Brexit been that bad for Ireland/ BOI?

[kemorkid] 09/8/2017 09:09

That would be 27.2 in old money
Not that great really !!

[thecynical1] 08/8/2017 12:01

Cantor target 8.16

[thecynical1] 07/8/2017 18:48

Mcsean.... They are all "bankers"........... : )

Having said that, they can't do anything about sterling and nobody. Could have foreseen the ( in my opinion) stupidity of the Brexit vote.

[thecynical1] 06/8/2017 17:50

Mcsean... Try a bit of realism.... The share is down 20 cent from 7.20....... 3%....if it had dropped 0.75 cent before the consolidation, would you also have been having a fit?

The consolidation meant that the share is now "investable" for investors who wouldn't have touched it with a barge pole when it was 24p.......in my opinion, the weakness of sterling is not helping...... The UK represents a fair chunk of earnings so sterling weakness is going to feed through to the bank's profits.... Negatively...... The Irish economy on the other hand seems to be recovering and you know how a bank makes it money in Ireland, I presume?

Sitting tight here... This is a long term investment....not a stock for trading in my opinion. If the dividend is actually paid, we should, again only in my opinion, see this get a boost.

[mcsean2164] 26/7/2017 19:01

26 July 2017

Bank of Ireland Group PLC ("Bank of Ireland")

Chief Executive Officer's intention to step down before the end of 2017 - Update

26 July, 2017

Further to its announcement of 24 March 2017, Bank of Ireland today announces that its Chief Executive Officer (CEO), Mr Richie Boucher, has informed the Company that he intends to step down as CEO and resign as a director of the Company with effect from 1 October 2017.

The Company previously announced, on 17 May 2017, the appointment of Ms Francesca McDonagh to succeed Mr Boucher as CEO. Ms McDonagh will also take up the position of Executive Director on the Board of the Group on 2 October 2017.

For further information, please contact:

Helen Nolan Group Secretary [phone]

Pat Farrell Head of Group Communications [phone]

Alan Hartley Director of Group Investor Relations [phone]
This information is provided by RNS

The company news service from the London Stock Exchange

END