Bank of Ireland’s UK business, which includes its operations in Northern Ireland and Britain, has reported an underlying profit of £303 million in 2024 – up by 27% from the 2023 figure of £239m.
Overall, the Dublin-headquartered bank said its full-year pre-tax profits slipped to €1.86 billion (£1.54bn) from €1.94 billion (£1.61bn) a year earlier.
And it said it plans to return €1.22 billion (just over £1 billion) to shareholders through a mix of dividends and share buybacks, equivalent to 80% of its earnings.
Bank of Ireland has also followed the lead of other financial services players by setting aside €172m (£142m) for compensation for car finance mis-selling in the UK, where millions of motorists are in line for a potential pay out over “hidden” charges.
The bank provides car finance through its Northridge Finance business, and said it expects “further clarity on the matter in 2025″.
Meanwhile the Financial Services Union (FSU) has described the announcement by Bank of Ireland of €1.86 billion in profits as a testament to the hard work and professionalism of staff, and called on the management to ensure that staff, consumers, and shareholders “all benefit from these extraordinary set of results”.
The union’s general secretary John O’Connell said: “We want to see a thriving retail banking sector where graduates want to work and which benefits consumers, its employees, the economy and wider society.
“That is why we want to retain a bank branch network, maintain access to cash, support vulnerable people in this ever-changing digital age and protect and support employees as we focus on the advancement of artificial intelligence in the workplace.”
Mr O’Connell said the FSU will be carefully studying the profits announcement from Bank of Ireland and gauging members’ reaction to the variable payment of 3.75% for the majority of employees.
He added: “The Bank need to explain in detail why when stated targets have been met or exceeded, they have paid less than what was awarded last year. We will be raising these and other relevant issues with the bank in the coming days.”
In January Bank of Ireland – which is marking 200 years since he opening of its first branch in Newry – announced a significant investment of £100 million over the next three years into the UK business including Northern Ireland, to improve everyday banking products and services and expand its sustainable lending, mortgage, and broker offerings.
The investment is in addition to a £3 million spend on ATM upgrades announced in 2024 and follows the completion of a £7 million upgrade of the Bank’s 13 branches in Northern Ireland.
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