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Bank of Ireland raises 2022 guidance after ECB rate hike

Published 16/12/2022, 11:46
© Reuters.
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By Scott Kanowsky

Investing.com -- Shares in Bank of Ireland Group PLC (LON:BIRG) rose on Friday after the lender raised its annual financial guidance for the second time in less than a month and a half.

In a statement, Ireland's largest bank by assets said it now expects 2022 net interest income (NII) to increase by around 10% compared to the prior year.

That is up from its previous outlook of a jump of approximately 6%-7%, which was also an improvement on Bank of Ireland's prior forecast for "modestly higher" full-year NII.

The announcement comes after the European Central Bank hiked interest rates by 50 basis points on Thursday and warned of more increases ahead to support its bid to curb elevated inflation.

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