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Bank of Ireland profits hit €1.9billion before tax for 2024 as CEO reveals 3 key pillars ‘driving performance’
BANK of Ireland raked in profits of €1.9billion before tax last year, it has been revealed.
The Bank of Ireland 2024 Annual Results, published today, revealed that the institution had experienced a drop in profits the previous year, only taking away €1.86billion in pre-tax profits.
CEO of Bank Of Ireland groups Myles O’Grady told RTE’s Morning Ireland that the bank had a “strong and profitable” 2024.
He added that after the first two years of a three year plan they are happy with overall progress.
The CEO said: “We’ve had a strong and profitable 2024, we’ve now completed year two of a three year strategy – that strategy is working very well.
“The macroeconomic backdrop is supportive and indeed our business model continues to be well positioned to benefit from this.”
The results showed an adjusted return on tangible equity of 16.8 per cent, with Bank of Ireland hoping to hit an adjusted return on tangible equity of above 17 per cent in 2027.
The bank’s total loans increased by six per cent and their customer deposits were up two per cent.
Overall, €103.1billion customer deposits were made in 2024 and net interest income came to €3.565 billion.
These increases will allow the bank to give €1.22billion back to shareholders through both dividends and share buybacks, with this figure up from the previous year’s €1.15billion.
The bank are predicting Ireland’s economy to grow three per cent in 2026 and 2027.
And the lenders will see growth of three per cent and four per cent each year in their deposits and loans.
These increases would see the bank’s net capital generation equivalent to near 45 per cent of their end-2024 market cap from 2025 to 2027.
CEO Myles O’Grady opened up on the three key pillars to success that he claims are “driving” performance”.
Mr O’Grady explained: “We are now two-thirds of the way through our current strategic cycle and continue to meet or beat all our business targets.
“This performance reflects focused and consistent strategic execution, our differentiated business model, and the attractive markets where we do business.
“Our strategy is to build stronger customer relationships, a simpler business, and a more sustainable company.
“These pillars are driving our performance and will future proof our business as we look to the future with confidence.”
STABILITY IN IRISH ECONOMY
He continued: “The Group enters 2025 with momentum across all business lines.
“Notwithstanding potential impacts to global trade, our business model continues to be highly capital generative for the coming year and beyond, supporting customer growth, business model investment and attractive shareholder returns.”
The bank have also set aside €172m to cover any potential cost ahead of a UK motor finance commission investigation.
And amid fears of the knock-on impacts of Donald Trump’s reelection on international trading, the CEO maintains Ireland is in a good position.
He said: “The export sector in Ireland is performing well despite these challenges and the potential risk of trade disloation… most sectors are seeing growth, pharma up 18 per cent, technology up 19 per cent.
“So I would point to the maturity of the sector, more than 40 year building up our proven capability.
“Access to the European Single Market remains key, foreign direct investment overall to Ireland is a source of stability for the Irish economy.”
‘Making it hard to see was the point’: Solo Leveling Fans Refuse to Admit Jinwoo vs Baran Was Bad Animation That Seemed Intentional by A-1 Pictures
The latest episode of Solo Leveling season 2 has finally been released, and it has showcased the much-awaited battle between Demon King Baran and Sung Jinwoo, the protagonist of the series. Sung Jinwoo’s return to the Demon Castle to obtain the final ingredient for the Holy Water of Life required him to take down the […]
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Cooper Flagg and Duke dominating in way once thought obsolete in college basketball
It is working wonderfully so far, proof that with the right players, you can win big with teenagers.
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Brian Laundrie was acting ‘like a lunatic’ 2 weeks before killing Gabby Petito, witness told FBI
“The male ultimately pushed the female’s legs into the passenger side of the van, closed her door, and entered the driver’s side.”
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Guwahati: Assam Chief Minister Himanta Biswa Sarma conducts a final check ahead of the commencement of Advantage Assam 2 #Gallery
Delegation of Lingayat seers, ministers, MLAs meets K’taka CM ahead of budget with slew of demands
Bengaluru, Feb 24 (SocialNews.XYZ) A delegation of Lingayat seers, ministers and MLAs met Karnataka Chief Minister Siddaramaiah on Monday at his residence in Bengaluru, ahead of the state budget and presented a slew of demands...
The post Delegation of Lingayat seers, ministers, MLAs meets K’taka CM ahead of budget with slew of demands appeared first on Social News XYZ.
India stresses on closer Asia-Africa ties to ensure food security, climate resilience
New Delhi, Feb 24 (SocialNews.XYZ) India emphasised the need for a collective vision and closer South-South co-operation on food security, climate resilience and digital empowerment as the way forward to take development to even the...
The post India stresses on closer Asia-Africa ties to ensure food security, climate resilience appeared first on Social News XYZ.
Heartbreaking first picture of dad-of-six ‘who loved daily cycle’ after bike hit by truck in Co Galway as tributes pour
THIS is the heartbreaking first picture of a dad-of-six and grandfather-of-nine who died after being hit by a truck last week.
Gerard Maloney, who was aged in his 90s, died after the bike he was riding collided with a truck on the N59 near Moycullen in Co Galway at around 12pm on Thursday afternoon.
The pensioner was brought by ambulance to University Hospital Galway, where he was sadly pronounced dead a short time later.
A notice online told how the Galway native was “taken suddenly”, adding that he is predeceased by his “beloved wife” Nóirín, sisters Sally, Nora, Kitty and Esther and by his brothers Dominic, Patsy, Peter and Mattie.
It added that Gerard is “loved and mourned” by his sons, daughters, brother, sons-in-law, daughter-in-law, “cherished grandchildren”, nieces and nephews, the extended family, friends and neighbours.
Tributes have poured in for Gerard since his tragic passing, with one mourner telling how he was a “pleasant man who loved his daily cycle”.
Another said: “Gerard was just the most special soul — his cheeky smile, kind heart, and sparkle in his eye will forever be remembered and cherished. We are sending you all our love and are just so very sorry for your tremendous loss.”
A third person remembered Gerard as a “gentleman” and a “good friend” whilst his nieces and nephews said: “Our dear Uncle Gerard, young at heart, mind and body – you filled the room with your energetic spirit and warmth.
“We will miss you, love you and cherish the special moments shared last year forever.”
Gerard’s niece added: “A beloved uncle, one of nature’s gentlemen, who kept up that wonderful zest for living until he was taken so suddenly. A legend and role model.
“I will never forget his kindness to Mum and his warmth to all of us. Rest peacefully Uncle Gerard. You must be soaring high with the angels, reunited with your darling Noirin.”
Gerard will repose at the O’Flaherty Funeral Parlour in Galway city from 5pm to 7pm on Tuesday before a requiem mass at 11am on Wednesday in St Joseph’s Church.
Garda Forensic Collision Investigators conducted a technical examination of the scene of the collision on the N59 on Thursday.
Officers have urged anyone who may have any information to come forward.
TRAGIC WEEKEND ON IRISH ROADS
In a statement, a garda spokesperson said: “Gardai are appealing for any witnesses to this collision to come forward.
“Any road users who were on the N59 in the Clydagh area between 11:45am and 12:05pm and may have camera footage (including dash-cam) are asked to make this footage available to Gardaí.
“Anyone with any information is asked to contact Salthill Garda Station on 091 514720, the Garda Confidential Line on 1800 666 111 or any Garda station.”
An Garda Siochana confirmed that a total of 24 people have lost their lives on Irish roads so far this year.
This is down from the figure of 36 during the same period of 2024.
Over the weekend, a five-year-old boy and a man in his 70s both lost their lives in two separate collisions in Co Laois while a 26-year-old man died in a quad bike crash in Co Westmeath.
Alex Scott stuns in bold outfit at London Fashion Week as BBC pundit wears unusual spiky jacket
ALEX SCOTT has stunned in a bold outfit at the London Fashion Week.
The BBC pundit has been enjoying the event and has already been in attendance with partner Jess Glynne.
Scott, 40, regularly shows off some incredible outfits when attending glitzy events.
But this time, she opted for a more unusual look as she wore a spiky hooded jacket.
It is a creation by Asian-American designer Chet Lo and was featured a London Fashion Week last year.
The jacket is a part of the designer’s “Terracotta” collection and features the brand’s iconic spikes.
The former Lioness paired the item with a grey skirt, tights and black-heeled shoes.
She could be seen beaming as she arrived for the fashion show.
Scott was also joined by British athlete Imani-Lara Lansiquot for the runway.
Lansiquot, 27, mainly competes in the 100m but claimed silver in the 4x100m at the Paris Olympics last year.
She stunned in a glimmering full-length dress.
Scott did post on social media to hail designer LABRUM who uses trends to tell West African narratives.
She wrote: “Yess, LABRUM London absolutely smashed it once again.”
Scott saw rapper Wretch 32 and rapper and writer Akala perform in her previous appearance.
She and Glynne looked loved up as they were snapped in trendy long coats.
They have been dating since 2023 and recently moved in with each other.
Scott told The Times: “I wake up next to my partner, Jess, who has become the same person as me over the past year and a half.
“She can see what going to the gym does for me mentally, so she’ll do the same.
“I love seeing [Jess] thrive, I didn’t want to be photographed with Rihanna because I wanted the spotlight to be on Jess.”
Check out Alex Scott’s most dazzling and daring outfits…
