Bank of Ireland losses grow in 1st half

[August 11, 2012]  DUBLIN (AP) -- Bank of Ireland -- the only major Irish lender to avoid state control -- has reported a higher loss in the first half of the year and higher impairments.

The bank said Friday that in the six months to June 30 its pretax loss rose to euro1.26 billion ($1.55 billion) from euro556 million a year earlier.

Impairment charges on loans and advances to customers were euro941 million compared with euro842 million a year earlier. Operating income was euro900 million, down from euro1 billion.

"The numbers of customers moving into arrears categories has continued to increase, partially reflecting a considerable number of our buy-to-let customers moving from interest only to full amortization," said Richie Boucher the bank's group chief executive.

Bank of Ireland shares were unchanged at euro4.00 at midday.

[Associated Press]

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