StockMarketWire.com - The Bank of Ireland said operating profit increased 9% in the first half of the year amid efforts to rein in costs, though the bank added that the lower interest rate environment would continue to stifle growth.

For the six months ended 30 June, operating profit pre-impairment - increased 9% and net interest margin was 2.16% with total income up 1%

The bank reported net lending growth of €1.2bn; with Irish mortgages new lending of €1.0bn, representing 23% market share.

Net interest margin for the full year 2019 was expected to be slightly lower than H1 NIM of 2.16%, while NIM was expected to trend lower in 2020/2021 by mid to high single digit basis points from the 2.16% level, the bank said.



Story provided by StockMarketWire.com