Tuesday 27 September 2016

Bank of Ireland profitability to be hit by weaker sterling - Davy

Published 18/07/2016 | 07:58

Bank of Ireland group chief executive Richie Boucher, right, and Andrew Keating, group chief financial officer, who presented the preliminary results for 2015 yesterday. Photo: Mark Condren
Bank of Ireland group chief executive Richie Boucher, right, and Andrew Keating, group chief financial officer, who presented the preliminary results for 2015 yesterday. Photo: Mark Condren

Bank of Ireland's profitability is expected to take a hit from a weaker sterling and lower bond sales in the opening half of the year, Davy stockbrokers has said.

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Davy analyst Emer Lang warned of a 36pc decline in earnings in the first six months of 2016 with currencies wreaking havoc with the bank's profitability.

The bank's asset quality is tipped to continue its improvement with the trend in bad debts set to continue. In the first quarter bad debts fell by around €800m and Ms Lang expects further reductions in the second quarter.

Bank of Ireland's half year results are due out on July 29 with the post-Brexit outlook being pegged as the most important element.

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