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Bank of Ireland provides £850m of new mortgage lending in H1

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  • 04/08/2021
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Bank of Ireland provides £850m of new mortgage lending in H1
Bank of Ireland provided £850m (€1bn) of new mortgage lending in H1 2021 through its UK and Ireland operations, “while maintaining risk and pricing discipline”, it said.

 

The bank’s residential mortgage book, which stood at £3,7804m (€44,475m) as of 30 June, is split equally between the Retail UK and Retail Ireland operating divisions. 

The lender’s review of divisional performance said the focus of Retail UK had been niche mortgage segments and increasing new business margins in H1. Its Bespoke Mortgage proposition continued to grow, with £220m (€259m) of new lending.

The bank is to shut 15 branches in Northern Ireland between now and December, “to focus on a smaller modernised network”.

Additionally, it is consulting with sales staff including the intermediary team. 

Retail UK operating income grew by £23m (€27m), owing to better margin on mortgages and personal lending, improved lending mix and lower deposit funding costs.

Retail Ireland maintained a broadly stable loan book with strong new lending in H1 2021 and increased new lending across all portfolios.

The bank’s gross new lending across all lines was (€6.5bn) £5.5bn for H1, up 12 per cent on H1 2020. Total operating income was (€2,797m) £2,377m, up from (€1,489m) £1,266m in H1 last year. Operating profit was (€404m) £343m, compared to a loss of (€828m) £699m in H1 2020.

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