UK profits up by 18% for Bank of Ireland

by Gill Montia

Story link: UK profits up by 18% for Bank of Ireland

The Bank of Ireland recorded a 6% rise in pre-tax profit for the 12 months to the end of March, to €1,794 million.

Business in the UK saw particularly strong growth during the year, with pre-tax profit increasing by 18%.

The bank reported that its Post Office Financial Services (POFS) joint venture contributed £15 million in profit growth alone.

A high rate Instant Saver deposit account offered through POFS has proved extremely popular resulting in the bank’s total savings book now exceeding £3.5 billion.

Motor and home insurance policies are also available through the Post Office and Bank of Ireland is now the fastest growing new car insurance provider in the UK, with over 600,000 new policies sold in the last two years.

Patrick Waldron, CEO of Post Office Financial Services, has confirmed that the bank is continuing with its ATM installation programme which will make 1,300 free-to-use machines available in Post Office branches.