Bank of Ireland has reported a 43% rise in pre-tax profit within its UK division in the first half of 2024.
The lender’s Retail UK arm, which includes its Northern Ireland business, recorded an underlying pre-tax profit of £167m in the six months to June 30 2024.
That compared to £112m in the same period during 2023.
Overall, the Bank of Ireland group posted a pre-tax profit of €1.09 billion (£921 million) for the first half of 2024, up 5% per cent on the same period last year.
The lender said it was boosted by the strength of the Irish economy and confirmed it had upgraded its earnings guidance for the full-year on the back of the results.
Retail UK reported £17.6bn in loans and advances to Retail UK customers in the first half of 2024, with £12.3m in customer deposits, up from £11.8bn in the same period last year.
Bank of Ireland said its Retail UK loan book increased by €400m in the first half of 2024, but said that was partially offset by a €300m reduction in UK personal loans.
It followed the announcement by the group in 2023 that it would cease to provide unsecured personal loan products under the Bank of Ireland (UK) plc and UK Post Office brand.
Commenting on the UK end of its business, Bank of Ireland’s group chief executive Myles O’Grady said: “Our UK business continued to deliver, with loan book growth resuming after several years of planned deleveraging.
“We have reaffirmed our UK strategy, focusing on higher return mortgage lending and our Northern Ireland full-service franchise, with the business positioned to continue to deliver sustainable returns.”