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Bank of Ireland swings to Q1 loss due to Covid-19 impairment charges

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Bank of Ireland has today reported an underlying loss before tax of €235m for the three months to the end of March as the coronavirus had a "material impact" on its results.

This compares to underlying profits of €143m the same time last year. In an interim management statement, the bank said the economic outlook for its core markets in Ireland and the UK has deteriorated, with reduced levels of activity across its businesses.

Bank of Ireland said today it had taken an impairment charge of €266m, including Covid-19 management overlay of €250m, which it said mainly reflected the initial impact of the deteriorating economic environment.

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
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