Bank of Ireland UK plc reports strong financial performance with value over volume strategy demonstrating continued success
Bank of Ireland (UK) plc, part of Bank of Ireland Group, today publishes its Annual Results for the year ended 31 December 2022.
2022 Highlights:
- £286m statutory operating profit before impairment losses (2021: £263m)
- Statutory operating expenses reduced by 9% to £247m (2021: £272m)
- Cost to income ratio reduced to 46% (2021: 51%)
- Strong CET1 ratio of 18.4% (2021: 17.5%)
- Invested in and delivered enhanced propositions and digital journeys for customers across product lines
- Supported customers with cost of living increases by developing an online Cost of Living hub, and proactive contact strategies for customers displaying early signs of financial stress
Ian McLaughlin, Bank of Ireland UK Chief Executive Officer said:
“In 2022, we delivered a strong financial performance, exceeding key financial targets and ending the year in a strong capital position. With a resolute focus on the delivery of our strategy, we have made significant progress in our ambition to be the leading multi-niche bank in the UK, targeting those specific market segments where we have expertise, can build sustainable competitive advantage, and where we can add real value for our customers.
“Despite ongoing market challenges we see real opportunity for the future. We have a strong business which has benefitted strongly from our multi-year transformation programme. We are investing in meeting the changing needs of customers including enhancing our mobile banking services and refurbishing our branch network. And in all of this, our colleagues are guided by our purpose which is to help our customers, colleagues, shareholders and society to thrive.”