IAS19 Defined Benefit Pension + Mortgage Portfolio Analysis
Operating expenses in line with guidance
€791m
(€2m)
Operating expenses movement
€25m
€93m
H122 (restated)¹
Net reductions / inflation
Acquisitions
Bank of Ireland
€907m
Other
H123 (reported)²
•
H123 performance
Net efficiencies and lower pension costs have been largely offset
by inflation and investment impacts; like-for-like expenses¹ broadly
in-line at €789m
Acquisitions reflect Davy (acquired 1 Jun 2022), KBCI portfolios
(acquired 3 Feb 2023), and one-off onboarding investment costs,
now largely complete
Other reflects accrual for variable pay, with payment performance
related, and additional investment to drive future efficiencies
Non-core
H1 non core costs of €12m
Outlook
•
Operating expenses expected to be c.€1.85bn, in line with prior guidance
Levies and regulatory charges expected to be c.€160m
Non core items expected to be lower than 2022
1 Reported costs in H122 were €849m; like for like figure of €791m excludes Davy and onboarding costs of €20m, and is restated for application of IFRS 17 (€38m)
2 Operating expenses excluding levies and regulatory charges (H123 €110m)
14View entire presentation