DAVY VIEW

Bank of Ireland’s (BIRG) Q3 update demonstrates continued strong momentum, with upgrades to FY26 net interest income (NII), loan growth and capital generation guidance. Credit demand is encouraging, led by strong growth in Irish mortgages, SME and Corporate lending, while Wealth & Insurance AUM growth remains robust. NII upgrades are broadly in line with consensus, but potentially a higher rate backdrop offers potential upside beyond FY26. The update reinforces the positive investment case, underpinned by strong balance sheet growth and capital generation.