Updated / Friday, 1 May 2026 10:55
Bank of Ireland has today reported a strong first quarter and reaffirmed its guidance for the full year.
In a trading update for the first three months of 2026, Bank of Ireland said its net loans rose by about 5% on an annual basis to €83.6 billion as it started the year with “momentum”.
Net lending at its Retail Ireland business rose by €0.5 billion to €42.1 billion, on the back of mortgage growth. Bank of Ireland said it has a market share of new lending of 41%.
Bank of Ireland said its Corporate and Commercial business also saw a €0.5 billion rise in net lending to €22 billion, while net lending at its Retail UK business was stable compared to the end of December.
Bank of Ireland said deposits in the first quarter were flat at €107.2 billion, which it said reflected seasonal effects.
Its Net Interest Income was also flat year on year in the first three months of the year – in line with expectations.
The bank said its total operating costs, including restructuring costs, rose by about 2% on the same time last year.
It said it noted the UK’s Financial Conduct Authority’s final details on the UK motor finance redress scheme, adding that it does not currently expect any material change to its cumulative UK motor finance provision of £374m.
It also said its asset quality remains strong, with its non-performing loans ratio improving to 2% compared to 2.2% at the end of last year.
Bank of Ireland said that credit trends remain strong, with stable arrears and resilient performances across its portfolios, adding that it remains vigilant to the evolving geopolitical environment.
Myles O’Grady, Bank of Ireland Group CEO, said the bank’s strong first quarter was underpinned by its successful strategy, the breadth of its franchise, and the resilient Irish economy.
“The group has started 2026 with momentum, with loans growing by 5% annualised, deposits strong at €107 billion, and Wealth Assets Under Management (AUM) net inflows of €1.1 billion. Asset quality is strong across our portfolios and we remain vigilant to the evolving geopolitical environment,” Mr O’Grady said.
“The group recently set out a compelling strategy to 2028 to create significant customer and shareholder value. Its building blocks are to drive growth in Ireland; optimise capital allocation; and invest for the future,” the CEO said.
“This strategy capitalises on our unrivalled position in one of Europe’s best performing economies, our proven track record of delivery and our highly capital generative business model,” he said.
“As we conclude Q1, the group reaffirms 2026 guidance and our financial targets out to 2028, including Return on Tangible Equity building to more than 16%, and mid-to-high teens annual growth in earnings per share,” he added.
