Bank of Ireland is confident of meeting profit forecasts for the year with slower but more sustainable growth in the Irish economy underpinning earnings growth, shareholders at today’s AGM were told.
Governor of the Bank of Ireland Mr Laurence Crowley said the bank’s international business also remained satisfactory.
Commenting on the group’s strategy, Mr Crowley said the bank would become increasingly specialised and leave areas where it could not achieve a competitive advantage.
He said the bank would seek businesses or parts of businesses in which it can be best in class and compete internationally.
"Conversely, we must identify segments in which we cannot realistically hope to reach the required scale and standard on our own and enter into co-operative arrangements with those who can," he said.
Mr Crowley paid tribute to outgoing chief executive Mr Maurice Keane and notedBank of Ireland’s share price had increased by 80 per cent since last year’s AGM.
Mr Michael Soden will join Bank of Ireland as chief executive-designate in September.