Bank of Ireland's CEO Brian Goggin earned just under €4 million in the 12 months to the end of March this year according to the bank's annual report, released this morning.
According to the report Mr Goggin took home a basic salary of €1.1 million with the rest of his earnings made up by performances bonuses bringing his total salary to €3,998 million This represents a 58 per cent rise in his earnings compared with the previous year.
Mr Goggin joined the bank in 1969 and has held a variety of positions before being appointed group chief executive in June 2004.
Mr Goggin says in the report that the bank is delivering cost savings and growth across all divisions. He said the bank had set a cumulative annualised savings target of €120 million by March 2009 and said that by March 2007, "we have delivered cost savings of €95 million against a target of €75 million".
The bank said in the year to March 31st, 2007 profit before tax increased 28 per cent to €1.95 billion with basic earnings per share up 34 per cent to 172.2 cents.
On an underlying basis, profit before tax rose 22 per cent to €1.7 billion.The bank said its retail and life businesses had reported profit growth before tax of 27 per cent
and 29 per cent respectively and added that the economic outlook remains positive.
In the UK Bank of Ireland said it has successfully restructured its business and is concentrating on three areas with significant growth potential; business banking, mortgages and consumer financial services.
In the year to the end of March that unit delivered profit before tax of 26 per cent to £299 million sterling.
Over the coming 12 months Mr Goggins said the bank was expecting a low double digit percentage growth in underlying earnings per share and that economic conditions in the bank's major markets remain positive.
The bank also confirmed today it will be seeking expressions of interest in July for new office accommodation in Dublin.
In a statement the bank said it was looking for a head office building in the city centre and accommodation for support functions in Dublin