Successful approach to partnership drives momentum and growth

Bank of Ireland (UK) plc, part of Bank of Ireland Group, today publishes its Annual Results for the year ended 31 December 2015.

Financial Highlights

• Profit before tax grew to £224 million¹ (2014: £199 million²)
• Strengthened capital position - Increase in Core Tier 1 ratio 19.3% (2014: 12.7%), total capital ratio 22.7% (2014: 22.5%)
• Growth in gross new lending volumes to £4.2 billion (2014: £2.6 billion)
• Further significant reduction in impairment charges of £17 million (down 28%)
• Net interest margin of 2.11%
• Strong liquidity position, with a loan to deposit ratio of 89% (2014:91%)

Business Highlights

• 76% increase in mortgage completions, with £3.3 billion of new lending
• Further growth in well-established and highly valued partnership with the UK Post Office, with £17 billion Post Office savings balances
• Foreign Exchange joint venture with Post Office remains the largest UK provider of consumer foreign exchange (c.24% market share)
• Complementary financial services partnership with the AA launched in July 2015
• 16% increase in account openings in the small business segment in Northern Ireland
• Expanded network of new intermediary mortgage partnerships throughout the UK
• Successful asset finance business, under the Northridge Finance brand, with strong partnerships  with leading market dealerships and franchises

Des Crowley, Bank of Ireland UK Chief Executive Officer commented:

“We have made strong progress in 2015.  Our successful approach to partnership is helping to establish Bank of Ireland UK as the partnership bank for trusted brands, as they expand and develop their presence in the UK financial services market.  We have a growing and highly valued partnership with the Post Office, a new long-term partnership with the AA, and we continue to develop strong partnerships with market-leading mortgage intermediaries and asset finance dealerships and franchises. Our full service banking operation in Northern Ireland also continued to be profitable.

We have a clear strategic focus and together with our partners we have proved our ability to adapt and respond to a rapidly changing and competitive environment.  We look to the future with confidence.”

¹2015 results include a profit on the disposal of business activities of £41 million

Enquiries:

Bank of Ireland

Mark Spain, Director, Group Investor Relations                                              Tel: 00353 7662 34850

Sara Holland, Head of UK Communications                                                          Tel: 07831 718436

To see a video interview with Des Crowley discussing the results, please click here.

Notes to Editors

• Bank of Ireland has supported customers in the UK for over 40 years, and employs c.2,200 staff.
• Bank of Ireland operates in the UK through its wholly owned and separately incorporated subsidiary, Bank of Ireland (UK) plc, which is authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
• Supporting over 3 million UK consumers, Bank of Ireland UK comprises:
  • An established financial services partnership and foreign exchange joint venture with the Post Office, together with more than 2,500 free-to-use ATMs, one of the largest ATM fleets in the UK
  • A long term partnership with the AA, which brings a product portfolio of credit cards, personal loans, savings and mortgages to nearly 4 million AA members
  • A successful UK intermediary mortgage business
  • A growing UK car and asset finance business, under the Northridge Finance brand
  • A full service retail and commercial bank in Northern Ireland, with a 36-strong branch network.