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Aug 3 2022, 07:15 IST/BST
Bank of Ireland
H1 2022: behind on volatile items; improved guidance and >10% ROTE in near term
- Sectors : Banks
- Companies : Bank of Ireland
DAVY VIEW
While the H1 2022 outcome is slightly behind, this is due to volatile items with underlying results in line. Good momentum is evident in business income and customer acquisition. The backdrop is changing rapidly, with opportunities evident from increased sensitivity to interest rates and exits from the market. Factoring these in, BOI’s ROTE target (10%) is more than attainable in the coming years – a fact we don’t believe is reflected in the valuation.
