Bank of Ireland Group plc (BIRG) Q2 2023 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.841 -- 00:00:04.425 Good morning, everyone. I hope you're all very well, and you're very welcome to our H1 00:00:04.425 -- 00:00:06.825 results presentation. 00:00:06.867 -- 00:00:12.073 When we spoke last, we set out Bank of Ireland's three-year strategy, centred on stronger 00:00:12.073 -- 00:00:16.598 relationships, simpler business and sustainable company. 00:00:16.598 -- 00:00:19.321 We're now six months into this strategy, 00:00:19.321 -- 00:00:24.967 and today I'm very pleased to announce a strong set of results demonstrating our progress 00:00:24.967 -- 00:00:30.338 and delivering for customers, colleagues, shareholders and society. 00:00:30.338 -- 00:00:34.443 Our performance has been supported by three important factors. 00:00:34.443 -- 00:00:38.408 Strategic management actions and business model development, 00:00:38.408 -- 00:00:44.493 a resilient Irish economy and the impact of the interest rate environment. 00:00:44.956 -- 00:00:50.143 In the first half of 23, we delivered a profit before tax of one billion with all 00:00:50.143 -- 00:00:53.207 business lines performing strongly. 00:00:53.207 -- 00:00:59.072 Net interest income increased by 68% and business income rose 23%. 00:00:59.110 -- 00:01:04.257 We tightly managed costs with like-for-like costs broadly flat and our 00:01:04.257 -- 00:01:07.479 asset quality remained resilient. 00:01:08.563 -- 00:01:13.750 We also made a number of structural changes to support our commercial delivery. 00:01:13.750 -- 00:01:19.658 In May, we migrated our high network customers from Bank of Ireland Private to Davie. 00:01:19.658 -- 00:01:25.106 This will enhance the service our customers receive while helping us unlock revenue 00:01:25.106 -- 00:01:28.034 and value from that acquisition. 00:01:28.034...