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Bank Of Ireland Six-month Profit Falls; Net Interest Income Declines 29%

(RTTNews) - Bank of Ireland (IRE, BKIR.L) reported profit attributable to stockholders of EUR 140 million for the six months ended June 30, 2010, versus EUR 410 million in the same period a year earlier. Profit for the period fell 64% to EUR 143 million from prior year period's EUR 398 million.

Underlying loss before tax for the six-month period was EUR 1.246 billion, versus underlying loss before tax of EUR 668 million in the same period last year. This increased loss primarily reflects a reduction in total income and the loss on disposal of assets to NAMA partly offset by lower impairment charges and operating expenses.

Net interest income for the period declined 29% to EUR 1.11 billion from EUR 1.555 billion in the previous year comparable period. Total income, net of insurance claims, decreased 17% to EUR 1.469 billion from EUR 1.76 billion in the last year period.