By Joe Hoppe
Bank of Ireland Group PLC said Friday that business activity continued to recover and operating profit improved in the third quarter, supported by a more positive economic environment.
The Irish lender said its strategy, coupled with higher income and lower costs, supported a 17% increase in operating profit preimpairment compared with the same period in 2019, before the pandemic.
New lending, excluding revolving credit facilities and on a constant currency basis, rose 7% in the first nine months of 2021 from a year earlier, it said.
The Dublin-listed company said its net interest income was 2% higher in the nine months to September compared with the same period in 2020. Business income rose 8% during the same period, supported by growth in wealth and insurance, and corporate and markets' fee income, it said.
Regarding its capital position, the bank said it was strong, backed by a fully loaded common equity Tier 1 ratio--a key measure of balance-sheet strength--of 14.6%.
Write to Joe Hoppe at joseph.hoppe@wsj.com