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Bank of Ireland reports 8% rise in mortgage lending

  • 05/08/2016
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Bank of Ireland reports 8% rise in mortgage lending
Bank of Ireland’s new mortgage lending rose 8% year-on-year to £1.4bn in the six months to 30 June, its half yearly update revealed.

In H1 2015, the lender advanced £1.3bn of mortgages. The bank said one of its key objectives for 2016 had been to continue to develop its mortgage business. It launched a platform for intermediaries in June 2015 and carried out further enhancements it the system in the first half of this year.

BOI rounded off 2015 in 13th position, lending £3.3bn for the year while achieving a 1.5% market share. This was improvement on both lending value and market share in 2014, when it lent £1.8bn handing it a market share of 0.9%.

The bank entered into a long-term financial services partnership with automotive brand AA in July 2015 which has seen the launch of AA-branded credit cards, personal loans and savings products.

Its investment into the partnership continued in the six months to 30 June this year, with an announcement from AA Financial Services last month that it planned a mortgage launch in the third quarter of 2016.

At the time of the launch announcement, the AA would not confirm product details but said it was ‘well on the way’ with the development of its mortgage range but still waiting for approval from the regulator.

The bank reported profit before tax of €557m, a decrease of €168m or 23% compared to the same period in 2015.

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