Bank of Ireland reported an 18 per cent rise in full-year pre-tax profits today and said the growth outlook was positive despite a changing economic environment.
The bank posted pre-tax profit of euro 1.088 billion for the year to March 31st at the top of a tight range of forecasts.
Earnings per share increased by 22 per cent to 83.1 cents while the total dividend rose 24 per cent to 29 cents.
Profit after tax and exceptional items which included restructuring costs was up 6 per cent to euro 764 million.
Mr John Kelly of Dublin's NCB Stockbrokers said: "These are bang in line with forecast and a very solid set of figures."
Bank of Ireland's domestic retail operations contributed around 28 per cent of group profit, rising to euro 290 million from euro 229 million the previous year.
Corporate and treasury business showed the strongest growth - up to euro 368 million from 280 previously - although this figure was boosted by a number of factors which would be difficult to repeat, chief executive Mr Maurice Keane said.
The bank gained 3 per cent of new mortgage market share to 26 per cent over the year. This placed it in number one position.
Profits from British mortgage and savings operation Bristol & West were flat at £144 million.
Bank of Ireland said its restructuring programme was producing the desired results in cost-cutting, product offerings and more efficient management structures.
The bank noted there was clearly a softening in the Irish economy after several years of unprecedented boom - due to both external and internal factors - but said this was positive.
It said it expected the economy to outperform average EU rates but at levels which were more sustainable than those experienced in recent years.
"The 10 per cent growth we've seen is unsustainable. We welcome a slowing down, see it as positive," Mr Keane said.
He said consensus forecasts put 2001 Irish economic growth at around 6.5 per cent but given early indicators the bank would not be surprised if this proved to be higher.