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Bank of Ireland chief executive Richie Boucher said 2011 was a "challenging" year. Sasko Lazarov/Photocall Ireland

Bank of Ireland reports 80 per cent drop in losses

Preliminary results for 2011 show that losses before tax fell to €190m, compared to €950m in the previous twelve months.

BANK OF IRELAND has reported significantly lower losses for 2011, with pre-tax losses of €190 million for the twelve months to December.

The bank’s preliminary results for 2011, published this morning, compare the losses to a similar figure of €950 million in the previous year.

BoI’s Irish retail outlets generated profit of €285 million, with its UK operations taking in €106 million, while corporate and treasury operations raised just under €600 million.

The bank lost €574 million in operations at its group centre, however, and took a €31 million hit through consolidating its businesses.

Impairment charges – that is, loans which were simply written off – and advances to customers were up from 2010, however, with €1,939 million of losses this year compared to €1,859 million the previous year.

The absence of any transfers to NAMA, however, meant the bank’s underlying loss before tax was down from just under €3.5 billion in 2010 to just over €1.5 billion in 2011.

Group chief executive Richie Boucher said 2011 had been “another challenging year”, but one in which the bank had made “significant progress”.

“We have remained focused on our key priorities of developing our relationships with our customers whilst strengthening our capital, funding our balance sheet, actively managing our credit and other risks and rigorously managing our costs,” Boucher said.

The accounts showed that the bank’s core Tier 1 capital ratio was up from 9.7 per cent to 15.1 per cent this year – mostly thanks to private investment and state recapitalisation.

The bank is the only native Irish institution to remain outside of majority state ownership, with the government keeping a 15.1 per cent shareholding in the institution.

Read: Banking crisis: Central Bank paid out €30m in consultancy fees in 2011

More: Noonan considering ‘outside expertise’ in quest to cut bankers’ wages

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14 Comments
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    Mute Trevor Mac
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    Feb 16th 2013, 2:54 PM

    Shocking news ….. I know corney but i couldn’t resist :)

    109
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    Mute Little Jim
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    Feb 16th 2013, 4:00 PM

    Why does a stun gun look like a kids toy?

    107
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    Mute Mark Dennehy
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    Feb 16th 2013, 5:15 PM

    So it’s not mistaken for a pistol and the user isn’t shot by armed police, usually…

    48
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    Mute Keith Wizzy
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    Feb 16th 2013, 3:00 PM

    Hope someone is CHARGED for this.

    89
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    Mute Edwin Mc Partling
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    Feb 16th 2013, 3:19 PM

    In my day it was dart guns ,ah how times have moved on

    41
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    Mute damien foley
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    Feb 16th 2013, 3:54 PM

    jasus id love one of them.then i could b stunner to

    37
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    Mute damien foley
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    Feb 16th 2013, 5:06 PM

    ask ur mother!!!!

    5
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    Mute FlopFlipU
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    Feb 16th 2013, 3:04 PM

    Down south we were stunned ,not by a gun ,but by a government

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    Mute TheHeathen
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    Feb 16th 2013, 3:39 PM

    If you delete that you have to delete this ^

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    Mute sluazcanal
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    Feb 16th 2013, 4:02 PM

    My blank message is just a test to see if a blank comment gets more thumbs up than one that mentions governments.

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    Mute TheHeathen
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    Feb 16th 2013, 4:10 PM

    Free speech has a few things to answer for.

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    Mute Ian Aston
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    Feb 16th 2013, 8:24 PM

    Your post is the equivalent of tumbleweed and was actually genius. Thumbs up from me

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    Mute Stephen McManus
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    Feb 16th 2013, 4:30 PM

    That ‘toy’ costs up to $1,000. http://www.stungunmall.com/taser-x26c-26009.html

    23
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    Mute Keith Wizzy
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    Feb 16th 2013, 5:00 PM

    Then there’s rip off import custom duties.

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    Mute Green Burqa
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    Feb 16th 2013, 4:06 PM

    Bender

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    Mute TheHeathen
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    Feb 16th 2013, 4:14 PM

    That centipede has as much right to be here as a comment about the feckin government!

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    Mute Dónal O'Flynn
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    Feb 16th 2013, 5:09 PM

    Are the public allowed to own these or was this lost/disposed of by a police officer?

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    Mute Mark Dennehy
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    Feb 16th 2013, 5:16 PM

    Not in the Republic; I think you are in Northern Ireland though.

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    Mute Dónal O'Flynn
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    Feb 16th 2013, 5:28 PM

    I see. Sorry I forgot to differentiate between the two jurisdictions, pressed submit before I remembered.

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    Mute Stephen Hughes
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    Feb 16th 2013, 4:12 PM

    Sap

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    Mute Hugo Sanchez
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    Feb 16th 2013, 4:47 PM

    We have a problem, That freak centipede has 238 legs!!

    I also have some sort of problem that I counted them

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