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03/03/2014
£469m Loss For Bank Of Ireland
Bank of Ireland (BOI) has recorded a pre-tax loss of £468m (€569m) in 2013.
However, the banking organisation said the result was an improvement in its performance from the previous year.
In 2012, the bank said it had a £1.2bn (€1.4bn) pre-tax loss.
In a statement, the bank said that over the last 12 months it had made "substantial progress", which had been helped by a steady, if slow, strengthening of Ireland's economy. It added that its key priorities would continue to focus on mortgage arrears and troubled small businesses.
Richie Boucher, Group Chief Executive, said: "2013 was a year of further substantial progress for Bank of Ireland.
"Taxpayers' support for and investment in Bank of Ireland has been rewarded and repaid. We are profitable and generating capital in 2014.
"It is right and appropriate that taxpayers have got back their cash investment in Bank of Ireland, with a cash profit achieved and considerable potential upside."
During the Irish banking crisis, Bank of Ireland was the only major Irish bank to escape a full nationalisation of its services. While the Irish Government currently holds a 14% share of the bank's stock, BOI also received financial support of nearly €5bn.
It added that it has since returned €6bn to the state following its bailout in 2009.
(JP)
However, the banking organisation said the result was an improvement in its performance from the previous year.
In 2012, the bank said it had a £1.2bn (€1.4bn) pre-tax loss.
In a statement, the bank said that over the last 12 months it had made "substantial progress", which had been helped by a steady, if slow, strengthening of Ireland's economy. It added that its key priorities would continue to focus on mortgage arrears and troubled small businesses.
Richie Boucher, Group Chief Executive, said: "2013 was a year of further substantial progress for Bank of Ireland.
"Taxpayers' support for and investment in Bank of Ireland has been rewarded and repaid. We are profitable and generating capital in 2014.
"It is right and appropriate that taxpayers have got back their cash investment in Bank of Ireland, with a cash profit achieved and considerable potential upside."
During the Irish banking crisis, Bank of Ireland was the only major Irish bank to escape a full nationalisation of its services. While the Irish Government currently holds a 14% share of the bank's stock, BOI also received financial support of nearly €5bn.
It added that it has since returned €6bn to the state following its bailout in 2009.
(JP)
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