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

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. I hope you're all very well, and you're very welcome to our H1 results presentation. When we spoke last, we set out Bank of Ireland's three-year strategy, centred on stronger relationships, simpler business and sustainable company. We're now six months into this strategy, and today I'm very pleased to announce a strong set of results demonstrating our progress and delivering for customers, colleagues, shareholders and society. Our performance has been supported by three important factors. Strategic management actions and business model development, a resilient Irish economy and the impact of the interest rate environment. In the first half of 23, we delivered a profit before tax of one billion with all business lines performing strongly. Net interest income increased by 68% and business income rose 23%. We tightly managed costs with like-for-like costs broadly flat and our asset quality remained resilient. We also made a number of structural changes to support our commercial delivery. In May, we migrated our high network customers from Bank of Ireland Private to Davie. This will enhance the service our customers receive while helping us unlock revenue and value from that acquisition. And we brought our corporate and business banking operations into one structure, helping us better serve businesses of all sizes and stages of their development. Over the first six months, we've worked hard at delivering a better service to our customers. And we've made tangible progress on our broader ESG strategy. All of this contributes to the delivery of our financial targets. with a ROTI of 18.5% in H1 and cost-income ratio of 42%, translating into capital generation of 180 basis points, helping our CET1 finish the half at 14.8%. We expect this to grow in H2 ...