Bank of Ireland completed £2.4bn in gross mortgage lending in the UK market, up from £1.7bn in 2023.
This compared to a gross lending figure of £4.2bn [€5.1bn], up from £4bn [€4.9bn] in its Irish market.
Some 92% of its new lending in Ireland was on a fixed rate, up from around 30% a decade earlier.
The average loan to value (LTV) ratio of its existing book was flat at 52% as of December 2024, compared to 52% 12 months prior. The average LTV for new loans was 75%, similar to the average ratio of 74% at the end of 2023.
Some 98% of mortgage borrowers had a capital and interest repayment loan.
The lender said its UK retail performance was driven by a growth in mortgage business and UK mortgages made up £13.3bn [€16.1bn] or 19% of its total £69.1 [€83.4bn] loan portfolio.
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Its Ireland mortgage portfolio accounted for 41% of its book, at a value of £28.5bn [€34.4bn].
Bank of Ireland closed the year with around 3.5 million retail and commercial customers in Ireland and the UK, a rise of 5%.
It reported a profit before tax of €1.9bn, while the retail UK division reported an underlying profit before tax figure of £301m, a 27% annual increase.
Myles O’Grady, chief executive of Bank of Ireland, said: “In 2024, the group delivered a strong performance, reporting a profit of €1.9bn. We are now two-thirds of the way through our current strategic cycle and are continuing to meet or beat all of the targets we set.
“This performance has been underpinned by our strategic execution, differentiated business model and the attractive markets in which we operate. The group enters 2025 in a strong position, and with momentum across our business lines, which supports our positive outlook for the coming year and beyond.”
Bank of Ireland UK recently announced that it would invest £100m over the next three years to enhance its everyday banking products and grow its sustainable lending, mortgage and broker offerings.
