Bank of Ireland says no dividend payment for shareholders until 2018
Bank of Ireland (BOI) has announced that it will not pay shareholders a dividend until 2018.
The bank said it had taken the decision to award dividend payments to shareholders at the end of the 2017 financial year.
BOI announced underlying profit of €1,071m for 2016 and said it has increased the size of its core loan book by €1.7bn.
New lending rose to €13bn, while the bank said it had reduced its non-performing loans by 40pc compared to 2015.
"Our business is performing in line with the strategic objectives we have set ourselves. All trading divisions are profitable and have contributed to our strong financial performance during the period,” said Bank of Ireland ceo Richie Boucher.
Mr Boucher said political uncertainty- namely Brexit- could have an impact on the business in the coming years.
“Political events, in particular the UK's decision to leave the European Union, may impact on our customers and our business growth in the coming years,” Mr Boucher continued.
“Nevertheless, we remain confident that the substantial progress the Group has made in recent years,” he added.
Bank of ireland said it had apportioned some €25m to compensate tracker mortgage holders that were overcharged by the bank.