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The Governor and Company of the Bank of Ireland

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IRE.N

ISIN: US46267Q1031
SEDOL: 2076571

Rating:

HOLD

Target Price:

9.37 USD

Investment Horizon:

6 to 24 months
13th Jan 2010 View Report   Download

1H 10 Update Report

The Bank of Ireland continued its deteriorating financial performance in 1H 10. Both Ireland and the UK ended 2009 with negative GDP growth rates and poor unemployment numbers. Going forward, although we expect marginal improvement in 2010 and 2011 GDP numbers, unemployment rates are expected to remain weak in the region. Unfavorable unemployment figures will continue to impact the mortgage sector, resulting in higher impairment charges and lower…

5th Nov 2009 View Report   Download

1H 10 News Alert

The Governor and Company of the Bank of Ireland (Bank of Ireland) reported a y-o-y decline in Net Interest Income (NII) and bottom line in 1H 10; attributable to decrease in Net Interest Margin (NIM) and higher impairment charges, respectively. However, the bank reported a significant increase in non-interest income driven by investment gains at assurance business. Nonetheless, as we continue to anticipate higher impairment charges going forward, attributable to the downturn…

3rd Jul 2009 View Report   Download

Company News Alert

On 03 July 2009, the Governor and Company of the Bank of Ireland (Bank of Ireland) issued an interim statement, in which Management reiterated its previous guidance for impairment charges through FY 2011. Management also raised concerns about weak demand for credit and a decline in margins due to rising funding costs. We are concerned about the impact these trends will have on the firm's bottom-line, although…

25th Jun 2009 View Report   Download

FY 2009 Update Report

We expect Bank of Ireland to underperform as the weak Irish economy saps demand for credit in the country. In its April 2009 World Economic Outlook update, the IMF forecast a decline in Irish GDP of 8% in 2009, and a further decline of 3% in 2010. This will have a sharp impact on demand for loans, constraining the bank’s NII. Moreover, around 44% of the bank’s loan portfolio is in residential mortgages, with another 4% in unsecured consumer lending....

20th May 2009 View Report   Download

Company News Alert

On 19 May 2009, the Governor and Company of the Bank of Ireland (Bank of Ireland) common stock appreciated significantly, following news that the company will buy back outstanding debt with a face value of €3 bn for just €1.4 bn, strengthening its tier-1 ratio. Furthermore, although we are concerned that the company has been moved to set…