Sunday 15 September 2019

Bank of Ireland shares rally with 6pc turnaround

Bank of Ireland. Stock photo: Getty Images
Bank of Ireland. Stock photo: Getty Images

David Chance

Bank of Ireland shares rose more than 6pc to €3.518 on Thursday in a sharp turnaround from earlier losses.

The bank is the most advanced of Irish peers in bad-debt cleanup, with its 5pc non-performing exposure target in the bag, Bloomberg Intelligence (BI)said in a report.

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"In our view, medium-term cost-of-risk guidance of 20-30 basis points is supported by the robust domestic economic backdrop, with Brexit the chief risk for impairments," BI's analysts said.

Rival AIB also saw some stock price gains, although it was far eclipsed by BoI.

Its stock rose 1.4pc to €2.312.

Irish Independent

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