Bank of Ireland's pre-tax profit rose 33% to €960 million in the first half of 2026, and the lender lifted its full-year guidance while handing shareholders a 56% higher interim dividend of 39 cent per share. The beat came from the Irish franchise, where lending grew 7% and deposits ticked up 3%, even as the UK book shrank by half a billion euros.
Irish momentum offsets UK pullback
Net lending in Ireland rose €2.2 billion, driven by a 6% increase in mortgages and a 14% jump in corporate and SME balances. The UK portfolio contracted by €0.5 billion, a deliberate choice the bank framed as prioritising value over volume. Total lending reached €84 billion, up 4% for the period. Chief executive Myles O'Grady said the group was ahead of the 2028 targets it set out earlier this year.
Deposits and wealth keep growing
Customer deposits climbed €1 billion to €108.5 billion, led by everyday banking balances in Ireland. Wealth assets under management rose 18% on an annualised basis. O'Grady described the first half as "excellent" and cited momentum across lending, deposits and wealth as the engine for balance-sheet growth and shareholder returns.
The rate-rise lag
The bank has not yet passed the European Central Bank's June rate increase to savings customers. O'Grady defended a "balanced approach" between borrowers and depositors, pointing to attractive deposit rates and the wealth business as alternatives. The line drew no follow-up on when savers might see the benefit.
Gender gap widens at the top
The 2025 gender pay gap report showed a median gap above 20%, higher than the industry average and wider than in previous years. Women make up 57% of staff and a majority at almost every level, except senior management, where men hold 60% of roles. O'Grady called improving the balance an "objective and an absolute priority" and noted recent senior hires of both genders. Shares rose in Dublin trading.