DUBLIN: Bank of Ireland has reported a profit for the first time since the financial crisis in 2008 as new lending grew and it clawed back money set aside previously to cover bad loans.
The bank posted pre-tax profits of €920m for the year to the end of 2014, compared to a loss of over €0.5 billion in 2103, as it said that all of its divisions were profitable.
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A big part of the improved performance was a €1.2 billion fall in the charge the bank had to take for bad loans. Its impairment charge for the year was €840m.
