Annual Report

Bank of Ireland (UK) plc makes an annual statement on its financial results for the twelve months to 31 December 2018.

“In 2018 we have continued to invest in new customer propositions and extend our distribution reach, with the priority of putting our customers, colleagues, communities and our partners, at the centre of everything we do.”

Des Crowley, Bank of Ireland UK Chief Executive Officer

Des Crowley, CEO, Bank of Ireland UK plc, talks about the UK business and its financial performance in 2018.

2018 Highlights:

  • Profit before taxation of £173 million (2017: £151 million) reflecting focus on margin management, strict cost control, stable arrears performance and selected growth in new lending
  • Net interest margin 2.11%
  • £70 million dividend paid to Parent in August 2018
  • Over £5.1 billion in new customer lending – a 13% increase on 2017
  • Record new lending of £1.1 billion in asset finance by Northridge Finance –31% increase on 2017
  • Focus on personal lending via the Post Office sees volumes increase by 130% to c.£0.3 billion
  • Partnership with the AA, now in its 4th year, sees lending volumes increase by over 90% to c.£0.5 billion
  • Northern Ireland business is performing well in line with our business objectives
  • Increased focus on technical innovation and proposition development
  • Strong capital position maintained: CET ratio 15.0%
  • Total capital ratio 20.6%