IN A DIFFICULT YEAR, Bank of Ireland (BoI) has reasons to be sanguine. Over the first six months it increased net lending, reduced costs and maintained stable net interest income. If not for its typically conservative impairment charge of €937m, it would have recorded an interim pre-tax profit. Its capital and liquidity position is equally robust. The only wrinkle has been its Tier 1 ratio. Introducing a holding company in 2017 made its outstanding Additional Tier 1 (AT1) bond partially ineligible as regulatory capital.
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