Bank of Ireland expects to achieve mid-single digit percentage growth this year and said all divisions of the group are performing well given the current economic backdrop.
In an upbeat trading statement released this morning, the bank said retail banking is expected to report strong increases in volumes, market share gains, robust asset quality and good cost containment.
It said lending volumes are expected to increase by a high teens percentage, with mortgage lending continuing to show mid to high twenties percentage growth and other lending also well ahead by high single digit percentage growth, the bank said.
The improvement in global equity markets during the period has also boosted revenues in the asset management arm BIAM. Profit AT BIAM is expected to grow by a mid single-digit percentage over the same period last year. New business levels remain "satisfactory".
The bank said its retail operations in the Republic performed strongly, with total lending was up by more than 15 per cent, with growth of more than 25% in mortgage lending.
In Britain, the bank said a restructuring programme is expected to result in annualised cost reductions of £30 million sterling which will be substantially achieved within a two year timescale and result in a cost/income ratio in the Division of less than 50 per cent.
It said it would give more details of the restructuring in the coming months, but they are expected to lead to some branch closures.