Bank of Ireland 2020 Loss On Higher Loan Loss Provisions; Cost Targets Met Ahead of Plan
On a consolidated basis, Bank of Ireland Group Plc (BOI or the Bank) reported a net loss of EUR 707 million in 2020, compared to a net profit of EUR 448 million in 2019. The result was mostly driven by the combined effect of lower operating income and significantly higher loan loss provisions (LLPs), reflecting the challenging operating environment affected by the COVID-19 pandemic. Net of non-core items, the underlying net loss before taxes was EUR 374 million in 2020, compared to an underlying net profit before taxes of EUR 758 million in 2019. Non-core items mainly included EUR 245 million restructuring costs and EUR 136 million impairment of intangible assets.
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