Bank of Ireland said today it expected to perform well this year as the economy recovers.
In his annual statement to shareholders, the bank's governor, Mr Laurence Crowley said there was broad consensus the Irish economy would grow by between 4 and 5 per cent this year, with British GDP growth expected to exceed 3 per cent.
In Britain, where the bank's operations include mortgage lender Bristol & West, a cost reduction programme was yielding positive benefits, while early indications from a joint venture with the UK Post Office to provide financial products were encouraging, he said.
"I believe that we have in place all the essential elements to ensure a successful future for the business," he said.
Mr Crowley extended his best wishes to the bank's former chief executive Mr Mike Soden, whose departure in May after he admitted violating the bank's Internet usage protocols.
Mr Soden was replaced by the bank's head of asset management Mr Brian Goggin.
In May, Bank of Ireland posted an eight per cent rise in full-year pre-tax profit to €1.27 billion.