Bank of Ireland Reports FY2024 Profit Before Tax of EUR 1.9 Billion with Adjusted RoTE of 16.8%

Bank of Ireland reported profit before tax of EUR 1.9 billion for the full year 2024, with an adjusted return on tangible equity of 16.8%, the group disclosed in its annual results on 24 February 2025. Net interest income reached EUR 3.565 billion for the year, while assets under management increased 19% to EUR 54.8 billion.

The board proposed total shareholder distributions of EUR 1.2 billion for 2024, representing a payout ratio of approximately 80% of profits. The Common Equity Tier 1 ratio stood at 14.6% at the year end.

ASSET QUALITY IMPROVEMENT AND UK PROVISION

The non-performing exposure ratio improved to 2.2% from 3.1% in the prior year.

Bank of Ireland recognised a provision of EUR 172 million in connection with UK motor finance commission arrangements. The bank said the provision was its best estimate of potential redress and compensation, but that the financial impact in future periods could be materially higher or lower.

NET INTEREST INCOME

Net interest income of EUR 3.565 billion was in line with guidance but slightly lower than in 2023 as ECB rate cuts took effect.