Bank of Ireland will more than triple returns to shareholders this year, it said on Tuesday as the lender laid out plans for substantial further growth on the back of rising interest rates and a strengthening Irish economy.
General view of a branch of the Bank of Ireland with the reflection of Grand Canal Square in the Docklands visible in its windows amid the coronavirus disease pandemic in Dublin, Ireland, October 14, 2020. REUTERS/Clodagh Kilcoynewill more than triple returns to shareholders this year, it said on Tuesday as the lender laid out plans for substantial further growth on the back of rising interest rates and a strengthening Irish economy.
Ireland's largest lender by assets will return 350 million euros to shareholders this year through dividends and buybacks, up from 104 million euros in 2021, after its return on tangible equity reached a better than expected 10.6% last year. Over the next three years the bank is targeting ROTE of 15% and aims to build up to an annual ordinary dividend of about 40% of statutory profit, compared with 25% last year, while also considering further distributions via annual buybacks.
Finance chief Mark Spain told Reuters that the bank expects generate "meaningful amounts" of surplus capital on an annual basis. In a presentation to investors, the bank's executives said its new targets were based on prudent economic assumptions, including flat Irish house prices in 2023 and 2024 versus annual house price inflation of 7.8% in December 2022.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Former central Pa. bank CEO rings bells at New York Stock ExchangeOfficials marked the recent merger of Lower Paxton Township-based Centric Bank and First Commonwealth Bank.
Read more »
ECB's de Cos: Spain’s core CPI to stay high in the short-term, then ease graduallyEuropean Central Bank’s (ECB) policymaker and Spanish central bank head Pablo Hernandez de Cos said on Tuesday, “Spanish core CPI is to remain high in
Read more »
Israel's bank to report more frequently on transfers of money abroadThe Bank of Israel has instructed local banks to report more frequently on the movement of money in and out of Israel, a central bank spokesperson said on Tuesday.
Read more »
French strikes over pension reform plans to disrupt public transport on TuesdayIndustrial action in France over the government's planned pensions overhaul will cause heavy disruption to public transport again on Tuesday, the transport minister and several public transport authorities said on Sunday.
Read more »
Ron DeSantis visits SoCal 1 year away from Super TuesdayFlorida Gov. Ron DeSantis visited Southern California on Sunday, taking swipes at Gov. Gavin Newsom in his own backyard amid a widening Republican Primary battle ahead of 2024.
Read more »
Ron DeSantis visits Southern California 1 year away from Super TuesdayFlorida Gov. Ron DeSantis visited Southern California on Sunday, taking swipes at Gov. Gavin Newsom in his own backyard amid a widening Republican Primary battle ahead of 2024.
Read more »