Bank of Ireland lifted its full-year guidance on Monday and said it expects to increase returns to shareholders after rising interest rates, a growing Irish economy and a shrinking banking sector helped it more than double first half profit.
The bank reported a 1.2 billion euro ($1.1 billion) first-half underlying profit before tax versus 435 million euros a year ago when it was still operating in a negative interest rate environment. The European Central Bank has since lifted borrowing costs by a combined 425 basis points.
Read More : Bank of Ireland Raises Forecasts and Targets Higher Dividend