Bank of Ireland reports £469m loss

Bank of Ireland reports £469m loss

Bank of Ireland has reported an underlying pre-tax loss of €569m (£469m), which is down from almost €1.5bn (£1.2bn) in the previous year.

The bank recorded an operating profit for 2013 of more than €1bn (£824m) before charges on loans of around €1.6bn were taken into account.Richie Boucher, group chief executive, said the bank's underlying performance improved by almost €1bn last year."2013 was a year of further substantial progress for Bank of Ireland," he said."Taxpayers' support for and investment in Bank of Ireland has been rewarded and repaid. We are profitable and generating capital in 2014."The Irish government holds a 14% share of the bank's stock after it was bailed out from 2009 to 2011 and received financial support of almost €5bn.BOI said it has returned €6bn to the state following the bailout."It is right and appropriate that taxpayers have got back their cash investment in Bank of Ireland, with a cash profit achieved and considerable potential upside," Mr Boucher added.The level of defaulted loans fell by 6% since June. Mr Boucher stated that since debt-hit mortgages have been restructured, that eight out of 10 are now being repaid.


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