Bank of Ireland Group PLC (LSE:BIRG)
€ 10.31 -0.06 (-0.58%) Market Cap: 10.83 Bil Enterprise Value: -9.04 Bil PE Ratio: 7.51 PB Ratio: 0.88 GF Score: 69/100
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Half Year 2019 Bank of Ireland Group PLC Earnings Call Transcript

Jul 29, 2019 / 07:30AM GMT
Release Date Price: €4.16 (-2.39%)
Francesca Jane McDonagh
Bank Of Ireland Group plc

Okay. Good morning, everyone, and welcome to Bank of Ireland's 2019 Interim Results. I'll share a number of highlights from our first half performance, and then Andrew will provide a more detailed update on the financials. I'll also set out our view of the external environment and 1 year on from the publication of our strategy, our outlook and actions from now until 2021.

I'm pleased to report a solid financial performance, with an underlying profit of EUR 376 million and a 9% increase in our pre-provision operating profit. There are a number of highlights that have contributed to this performance. The first is net lending growth. For the sixth year in a row, Bank of Ireland is the largest lender to the Irish economy, with total new lending of EUR 7.7 billion and net lending growth of EUR 1.2 billion.

We've seen a strong performance in corporate banking, and we are the largest lender to Irish SMEs and the agriculture sector.

The second highlight is asset quality improvement. Bank of Ireland already has the lowest nonperforming

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