Leprechaun economics? Irish economy grows by 13% as exporters tried to outpace Trump tariffs
Leprechaun economics? Irish economy grows by 13% as exporters tried to outpace Trump tariffs
The early GDP data is consistent with large spikes in goods exports in January and February
Daniel Murray
14:15
The large preliminary annual growth figure for Q1 is contrasted with a more modest but still strong growth of 3.1 per cent when compared with Q4 of 2024. Picture: Sasko Lazarov/RollingNews.ie
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Irish Independent
20 minutes ago
- Irish Independent
Bank of Ireland reports €721m first half profits, says households and economy resilient to trade threats
The bank announced an interim dividend per share of 25 cents and reaffirms its guidance for a progressive dividend per share for the full year. Guidance for the full year was affirmed on Tuesday, in the bank's half year update despite the wider uncertainty around trade and the global economy. CEO Myles O'Grady, the Irish economy remained resilient. Sustained savings activity over many years means household net worth is at an all-time high, the bank said. "Bank of Ireland is well positioned to navigate this environment, generating strong levels of capital to support customers, grow our balance sheet, invest in the business and deliver attractive shareholder returns,' Myles O'Grady said. Bank of Ireland reported net interest income, a key measure of any bank's profitability, of €1.67bn in the first half of the year and upgraded full year guidance for net interest income to €3.3bn. Business income was up 4%, driven by strong Wealth and Insurance performance, while operating expenses rose 3pc, in line with guidance. The bank has a cost to income ratio of 48pc. A modest impairment charge of €137m included an additional management adjustments of €40m, essentially a reflecting of caution on potential yet unseen risks. In relation to the Irish economic backdrop in which Bank of Ireland primarily operates, the bank said the economy is resilient and growing against a more uncertain external backdrop, particularly in relation to international trade arrangements. "The Group's Economic Research Unit forecasts headline GDP growth of 8.1pc in 2025 and 3.2pc in 2026 and these forecasts incorporate consideration of the current evolving policy framework.' 'In addition, it is worth highlighting that a combination of above-average economic growth and prudent management of the public finances over many years have positioned Ireland with one of the lowest debt-to-GDP ratios in the European Union. Irish consumers and businesses are also in good balance sheet shape.'
Irish Examiner
an hour ago
- Irish Examiner
Bank of Ireland sees before tax profit decline over 34%
Bank of Ireland has seen its profit before tax fall by over 34% during the first half of the year as it sees a decline in its overall interest rate income and reports an impairment charge of €137m. According to the company's interim results for the period January to June this year, the company said it generated a profit before tax of €721m - down from the €1.1bn recorded during the same period in 2024. The company reported net interest income of €1.67bn - down from €1.8bn during the same period in 2024. However, despite the fall, the bank still upgraded its guidance in this area for the year to around €3.3bn from a previous estimate of €3.25bn. The European Central Bank has been steadily cutting interest rates over the last year, reductions which are being passed on to customers. The company's assets under management grew by 3% with Irish loans and deposits growing 5% which it said supports an 'upgraded outlook for net interest income' this year and beyond. The value of the bank's loan book stood at €82.2bn in June, down from €82.5bn in December, with growth in Ireland of €1.3bn, driven by Irish mortgages. 'This was offset by foreign exchange impacts and planned deleveraging of €800m, primarily GB Corporate,' the company said. The bank said it holds a 40% share of new mortgage lending in the country. Customer deposits stood at €105.0bn as of the end of June - €1.9bn higher than in December, driven by higher Irish everyday banking balances. The group's liquid assets were €45bn at June 2025 supported by higher customer deposits, partially offset by higher lending volumes and lower wholesale funding volumes. During the six month period, the bank reported an impairment charge of €137m which it said 'reflects net portfolio activity of €97m and additional management adjustments of €40m'. The company's operating expenses also grew by 3%. The bank's business income grew by 4% to €399m year-on-year driven by strong wealth and insurance performance which was up 8%. Chief executive of Bank of Ireland Myles O'Grady said the company is 'on track to deliver its full year targets'. 'Against an uncertain international backdrop, the Irish economy is resilient. Bank of Ireland is well positioned to navigate this environment, generating strong levels of capital to support customers, grow our balance sheet, invest in the business and deliver attractive shareholder returns,' he said. The company has announced an interim dividend per share of 25c or €243m
Irish Independent
an hour ago
- Irish Independent
Gunman who killed four at NFL's New York headquarters identified as former high school football star
The shooting took place at a skyscraper that is home to the headquarters of both the NFL and Blackstone, one of the world's largest investment firms, as well as other tenants. These reportedly include offices belonging to the Irish Consulate in New York, Deutsche Bank and JP Morgan. The gunman, identified by authorities as former high school American football star Shane Tamura of Las Vegas, had a "documented mental health history", according to Police Commissioner Jessica Tisch, but his motive was still unknown. "We are working to understand why he targeted this particular location," Ms Tisch said. New York City police officer Didarul Islam, who was working in a private security role, was among those killed in the crossfire. A Blackstone executive was also shot dead in the tower's lobby, sources told the Wall Street Journal. The NFL said one of its employees was critically injured. Tamura died in Rudin Management's 33rd-floor offices. Investigators allegedly found a note in Tamura's pocket claiming that he suffered from chronic traumatic encephalopathy (CTE), a disease linked to head trauma, and asked that his brain be studied, a source told CNN. The rampage happened at the end of the workday in the same part of Manhattan where the chief executive of UnitedHealthcare was gunned down outside a hotel late last year. Surveillance video showed the man exiting a double-parked BMW just before 6.30pm carrying an M4 rifle, then marching across a public plaza into the building. Then, he started firing, Ms Tisch said, killing a police officer working a corporate security detail and then hitting a woman who tried to take cover as he sprayed the lobby with gunfire. The man then made his way to the elevator bank and shot a guard at a security desk and shot another man in the lobby, the commissioner said. The man took the lift to the 33rd floor offices of the company that owned the building, Rudin Management, and shot and killed one person on that floor. The man then took his own life. The building, 345 Park Avenue, also holds offices of the financial services firm KPMG. The officer killed was Didarul Islam, 36, an immigrant from Bangladesh who had served as a police officer in New York City for three and a half years, Ms Tisch said at a news conference. "He was doing the job that we asked him to do. He put himself in harm's way. He made the ultimate sacrifice," Ms Tisch said. "He died as he lived. A hero." One man was seriously wounded and remains in critical condition, Mayor Eric Adams said. Four others got minor injuries attempting to flee. Mr Adams said officials are still "unravelling" what took place. Officers found a rifle case, a revolver, magazines and ammunition in Tamura's car, Ms Tisch said. They also found medication that belonged to Tamura, she said. She said an initial investigation shows his vehicle travelled across the country, passing through Colorado on July 26, then Nebraska and Iowa on July 27. The car was in Columbia, New Jersey, as recently as 4:24pm on Monday. He drove into New York City shortly thereafter, she said. Rudin is one of the largest privately owned real estate companies in New York City. The company dates back to 1925 and is still managed by members of the Rudin family. Ms Tisch said there were no indications so far that Tamura had prior connections to the real estate industry or to the city. No one answered the door at the address listed for Tamura in Las Vegas. Mr Islam, the slain officer, leaves behind two young boys, and his wife is pregnant with their third child, Ms Tisch said. Local TV footage showed lines of people evacuating the office building with their hands above their heads in the hours after the killings. Nekeisha Lewis was eating dinner with friends on the plaza when she heard gunfire. "It felt like it was a quick two shots and then it was rapid fire," she told The Associated Press. Windows shattered and a man ran from the building saying, "Help, help. I'm shot," Ms Lewis said. Jessica Chen told ABC News she was watching a presentation with dozens of other people on the second floor when she "heard multiple shots go off in quick succession from the first floor". She and others ran into a conference room and barricaded tables against the door. "We were honestly really, really scared," she said, adding that she texted her parents to tell them that she loves them. Some finance workers at an office building down the block were picking up dinner at a corner eatery when they heard a loud noise and saw people running. "It was like a crowd panic," said Anna Smith, who joined the workers pouring back into the finance office building. They remained there for about two hours before being told they could leave. Ms Tisch says she believes two officers were working in different parts of the building as part of a programme where companies can hire NYPD officers to provide security. The building where the shooting happened is in a busy area of midtown, located a short walk north from Grand Central Terminal and about a block east of St Patrick's Cathedral. Through late July, New York City is on pace this year to possibly have its fewest homicides and fewest people hurt by gunfire in decades. But the city's corporate community has been on edge since last December, when UnitedHealthcare chief executive Brian Thompson was killed outside a hotel hosting a conference. The man charged in that killing, Luigi Mangione, is awaiting trial. Prosecutors accuse him of killing Mr Thompson because he was angry at perceived corporate greed, particularly in the health insurance business. He has pleaded not guilty.
