Bank of Ireland signals first share buyback in two decades Lender plans to revive the sale of long-standing problem mortgages this year
Mon, Mar 1, 2021, 11:21
Bank of Ireland shares rose on Monday as executives signalled they may launch a share buyback programme next year for the first time in almost two decades, after the lender posted better-than-expected 2020 results with loan losses stemming from the Covid-19 economic shock appearing to be less than feared.
The bank reported an underlying pre-tax loss of €374 million last year, which was much better than the consensus view among analysts of a shortfall of almost €600 million. This was helped by the fact that its loan loss provisions came to €1.1 billion – at the bottom of the €1.1 billion to €1.3 billion range that the bank had previously forecast.