DAVY VIEW

The key standouts from Bank of Ireland’s (BIRG) H1 24 results are strong capital generation on stronger results, a higher FL CET 1 ratio and a higher interim dividend. There was also strong business momentum from net lending growth, particularly in Ireland, and higher fee income and Wealth assets under management. All the above contributed to Return on Tangible Equity (ROTE) of 18.9%. Increased FY 24 guidance indicates c.6% upside to underlying profit before tax against both Davy and company compiled consensus, with higher capital also pointing to higher distributions with FY 2024.