DAVY VIEW

Bank of Ireland (BIRG) has made a good start to 2024. In particular, net capital generation of 40bps is strong in the context of a) a strong Q1 lending performance and b) a phasing of regulatory fee and levies. The upgrade in net interest income (NII) guidance is in line with market expectations on higher average rates and we will likely leave our forecasts broadly unchanged. The update highlights ongoing delivery against strategic priorities, pointing to another year of attractive capital return.