Bank of Ireland reported that its British gross new residence mortgage underwriting slipped 8.3% to £1.1bn, because the group suffered “decrease mortgage margins due to decrease base charges” in the primary six months of the 12 months from a 12 months in the past.
Rate-setters on the Bank of England have made two quarter-point cuts in 2025, bringing the bottom charge down to 4.25%. Markets count on two additional quarter-point reductions this 12 months.
During the interval, Bank of Ireland launched buyer surveys for on-line product switching and interest-only buy-to-let loans in addition to distributing digital mortgages via its solicitor portal.
Its UK mortgage portfolio got here in at €15.5bn in the interval, in accordance to a inventory market assertion.
The Bank of Ireland is organised into 4 divisions: retail Ireland, wealth and insurance coverage, retail UK, in addition to company and industrial.
Retail UK consists of its British residential mortgage enterprise, financial savings, asset finance, contract rent, and a overseas alternate partnership with the UK Post Office.
The group stated the underlying contribution of Retail UK was £112m in the primary half, down 33% from a 12 months in the past.
Overall, the group posted pre-tax revenue down 33% to €721m, due to falling ECB charges and a €137m impairment cost.
Bank of Ireland group chief govt Myles O’Grady stated: “The group continues to make investments in its enterprise mannequin to help near-term and longer-term enduring efficiencies.
“This exercise is a basic part underpinning the sustainability of returns.”
