May 11, 2020 / 7:13 AM / 23 days ago

Bank of Ireland swings to $261 mln loss on COVID-19 impairment

DUBLIN, May 11 (Reuters) - Bank of Ireland swung to a 241 million euro ($261 million) pretax first-quarter loss after taking a 266 million euro impairment charge related mainly to 86,000 loan repayment breaks for customers in Ireland and Britain.

Ireland’s largest bank by assets, which made a 123 million euro profit in the same period last year, said it expected increased impairment charges and loan losses over the course of 2020, with new lending potentially 50% to 70% of 2019 volumes.

The bank said that in a range of scenarios its fully loaded core Tier 1 capital ratio would remain above its previous minimum regulatory capital requirement of 11.45%. Its CET1 ratio - a key measure of financial strength - fell to 13.5% at the end of March, from 13.8% at the end of 2019. ($1 = 0.9225 euros)

Reporting by Padraic Halpin Editing by David Goodman

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