Wednesday 21 November 2018

New mortgage lending at Bank of Ireland jumps by a quarter

Bank of Ireland CEO Francesca McDonagh.
Bank of Ireland CEO Francesca McDonagh.
Ellie Donnelly

Ellie Donnelly

New mortgage lending at Bank of Ireland increased by a quarter year-on-year in the nine months to 30 September.

The bank held a 28pc share of the mortgage market in Ireland during the first eight months of this year, and the bank is re-entering the Irish mortgage broker market in November.

Overall and customer loan volumes were €76.6bn at the end of September, an increase of €0.5bn since the end of December 2017, according to an interim management statement from the group.

Customer deposits were €77.9bn, while wholesale funding was €11.6bn at the end of September.

Bank of Ireland said that it was continuing to trade "in line with expectations," with its net interest margin for the nine months to September at 2.23pc.

"Business income has remained in line with the first half of 2018," the group added.

The bank, which has seen a number of high profile employees leave in recent months, said it continues to maintain tight control over its cost base, while making "appropriate investments" in its businesses, infrastructure and people.  

"We expect that operating expenses for the second half of 2018 will be lower than the first half of 2018."

In July this year it was reported that the bank plans to cut as many as one in five jobs in a shake-up of its workforce.

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