Bank of Ireland has reported a pre-tax profit of €399 million for the first half of 2014, compared with a loss of over €500 million during the same period last year.
The figure includes an €87 million one-off gain due to changes in its defined benefit pension scheme, the bank said.
The bank said its return to profitability was driven by a reduction in the level of write downs on bad debts.
Finance Minister Michael Noonan welcomed the bank’s return to profitability.
“The recovery in the Irish economy is taking hold and further proof of this is evident in the Bank of Ireland half year results. The results show that the Bank is lending into the real economy, reaching sustainable solutions with SME and mortgage customers in arrears, and making a profit,” he said.
