Bank of Ireland reports £845m profit for 2016

By John Campbell
BBC News NI Economics & Business Editor

Image caption,
The Northern Ireland division showed an underlying pre-tax profit of £106m

Bank of Ireland has reported an underlying pre-tax profit of just over 1bn euros (£845m) for 2016, down slightly on its 2015 performance.

The bank, which operates across Ireland and the UK, is one of Northern Ireland's so-called "big four" banks.

The Northern Ireland business is contained within the bank's retail UK division.

That division showed an underlying pre-tax profit of £106m, down 24% on the £140m recorded in 2015.

The retail UK division also includes the bank's joint ventures with the Post Office and the AA.

The financial services partnership with the AA saw its first full trading year in 2016, gaining close to 100,000 new customers.

The bank said that the Northern Ireland business has been "working to restructure its cost base and has been achieving this while meeting business growth objectives".

The bank said it expects to pay its first dividend in a decade in the first half of 2018, a year later than initially hoped as it awaits further clarity on the Brexit vote in the UK.