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Cashing out Bank of Ireland to close over 100 branches in Republic and Northern Ireland

It comes as Bank of Ireland reported an underlying loss before tax of €374m in respect of last year.

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Bank of Ireland

Bank of Ireland

Bank of Ireland

Bank of Ireland is to close 103 branches across the island of Ireland.

Its branch network in the Republic of Ireland will reduce by 88, from 257 locations to 169, from September.

In Northern Ireland, the branch network will also reduce by 15 from 28 to 13.

Francesca McDonagh, group CEO of Bank of Ireland said: “Technology is evolving, and customers are using branches less, year on year on year. Covid-19 has accelerated this changing behaviour, and we’ve seen a seismic shift towards digital banking over the past 12 months.”

“We’ve now reached a tipping point between online and offline banking,” Ms McDonagh added.

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Francesca McDonagh, group CEO of Bank of Ireland

Francesca McDonagh, group CEO of Bank of Ireland

Francesca McDonagh, group CEO of Bank of Ireland

It comes as Bank of Ireland reported an underlying loss before tax of €374m in respect of last year.

Total income was 8pc lower year on year.

The bank said its net interest income of €2.1bn is 2pc lower than 2019 due to lower new lending volumes and the on-going impact of lower interest rates.

The banks share of the Irish mortgage market improved 2pc to 25.5pc last year.

The lender said 1pc of the 39,000 payment breaks it granted in Ireland remained outstanding at February 12. Total exposure to active payment breaks here is €137m.

In the UK 8pc of the 60,000 payment breaks it granted are outstanding. Its total exposure to active payment breaks is €268m.

The voluntary redundancy scheme, launched by the bank last year, will deliver around a €114m reduction in annual staff costs when fully completed. The restructuring charge of €189m is captured within the group's non-core costs of €386m in 2020.

The bank also announced that it is entering a new partnership with An Post which will offer Bank of Ireland customers banking services at more than 900 locations across Ireland.

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