Annual Report

Bank of Ireland (UK) plc makes an annual statement on its financial results for the twelve months to 31 December 2019.

“In 2019 we made tangible progress so in my first set of results as UK CEO, I am pleased to report Bank of Ireland UK has extended its long term financial services partnership with the Post Office, invested in new mortgage customer propositions, optimised its cost of funding, restructured the cost base and sold its existing consumer credit card portfolio. We generated a solid financial performance reporting £166 million underlying profit before tax, despite a highly competitive external environment.

“Our strategy is focused on investing, improving or repositioning our business to increase performance and returns. This focus will continue and intensify in 2020 and beyond.”

Ian McLaughlin, Bank of Ireland UK Chief Executive Officer

Ian McLaughlin, Chief Executive Officer, Bank of Ireland UK plc, talks about the UK business and its financial performance in 2019.

2019 Results Highlights:

Bank of Ireland UK plc net lending growth of £1.5bn in year of significant strategic progress

Financial performance

  • Underlying profit before tax of £166 million (2018: £183 million)
  • Underlying net interest margin of 1.92% (2018: 2.05%)
  • £100 million dividend paid to Parent in 2019


  • Net lending growth of £1.5 billion (2018: £0.2 billion)
  • New gross lending of £5.9 billion (2018: £5.1 billion)
  • Supported c.17,000 new customers in 2019 to buy their own homes


  • £34 million reduction in total operating expenses
  • 3% reduction in cost income ratio
  • Disposal of consumer credit card portfolio
  • Inaugural wholesale funding transaction for £350 million


  • Maintained strong CET 1 ratio 14.5% (2018: 15%)
  • Total capital ratio 19.9% (2018: 20.6%)
  • Internal MREL £300 million issued in December 2019

Significant progress made against clear strategic priorities to:

  • Invest in businesses generating sustainable returns;
  • Improve the performance of existing businesses with potential to increase returns; and
  • Reposition those businesses which do not meet expected returns.