Sustainability Report 2022

Bank of Ireland Group PLC

28 April 2023

 

Bank of Ireland Group plc (the "Group")

Publication of 2022 Sustainability Report

28 April 2023

Bank of Ireland this morning publishes its 2022 Sustainability Report, significantly expanding on the Group's Environmental, Social and Governance (ESG) disclosures. The report is closely aligned with the  Group's strategy for 2023-25, announced on March 7^th 2023, which sees ESG sit at the heart of the Group strategy under the 'Sustainable Company' pillar.

Key ESG highlights for 2022:

Environmental:

·   First Irish bank to have scientifically-validated targets for reducing greenhouse gas emissions with Science-Based Targets initiative (SBTi).

·    €8 billion of Sustainability-related finance on balance sheet at end 2022; €15 billion target for end 2025 announced as part of Group strategy update.

·   Green mortgages accounted for c.50% of total RoI mortgage lending in 2022; In industry, partnership recently announced with Kerry Dairy Ireland to support Agriculture customers.

Social:

·    Bank of Ireland retains position as #1 for Financial Wellbeing in Ireland; Delivered personalised insights and nudges in-app to help customers make better financial decisions.

·   Co-lead UNPRB Commitment to Financial Health and Inclusion working group; Recently published research on Financial Literacy Score for Ireland.

·    Female senior leadership appointments were 40% in 2022 and rose to 53% in Q4 2022.

Governance:

·    Board level Group Sustainability Committee established.

·    Colleague engagement score rises 5 points to 68%.

·   ESG disclosures significantly expanded, supporting improved ESG rating agencies scores from Sustainalytics, S&P Global and MSCI.

Eamonn Hughes, Chief Sustainability & Investor Relations Officer at Bank of Ireland Group, commented:

"We have firmly moved from ambition to action, taking practical steps to support our customers and the Group towards a more sustainable way of living and doing business. In 2022, there was a significant increase in the level of sustainability-related lending across the Group, with Irish green mortgages a particular standout. We've reached an important inflection point here, with around half of new mortgages in Ireland being green."

"We also continue to drive forward our financial wellbeing agenda, and foster a collaborative and inclusive environment for colleagues. Our core sustainability pillars - supporting the green transition, enhancing financial wellbeing, and enabling colleagues to thrive - are all intrinsically linked and underpin the Sustainable Company pillar of our wider Group strategy to deliver for customers, colleagues, shareholders and society."

Link to report

Sustainability Report 2022 (bankofireland.com)

Ends

For further information please contact:

Bank of Ireland

Mark Spain, Group Chief Financial Officer                                                                 [phone] ext 43291

Eamonn Hughes, Chief Sustainability & Investor Relations Officer                       [phone]

Darach O'Leary, Head of Group Investor Relations                                      [phone]  

Damien Garvey, Head of Group External Communications and Public Affairs    [phone]

Forward Looking Statement

This document contains forward-looking statements with respect to certain of the Bank of Ireland Group plc (the 'Company' or 'BOIG plc') and its subsidiaries' (collectively the 'Group' or 'BOIG plc Group') plans and its current goals and expectations relating to its future financial condition and performance, the markets in which it operates and its future capital requirements. These forward-looking statements often can be identified by the fact that they do not relate only to historical or current facts. Generally, but not always, words such as 'may,' 'could,' 'should,' 'will,' 'expect,' 'intend,' 'estimate,' 'anticipate,' 'assume,' 'believe,' 'plan,' 'seek,' 'continue,' 'target,' 'goal,' 'would,' or their negative variations or similar expressions identify forward-looking statements, but their absence does not mean that a statement is not forward-looking. 

Examples of forward-looking statements include, among others: statements regarding the Group's near term and longer term future capital requirements and ratios, loan to deposit ratios, expected impairment charges, the level of the Group's assets, the Group's financial position, future income, business strategy, projected costs, margins, future payment of dividends, future share buybacks, the implementation of changes in respect of certain of the Group's pension schemes, estimates of capital expenditures, discussions with Irish, United Kingdom, European and other regulators, plans and objectives for future operations, and the impact of Russia's invasion of Ukraine particularly on certain of the above issues and generally on the global and domestic economies. Such forward-looking statements are inherently subject to risks and uncertainties, and hence actual results may differ materially from those expressed or implied by such forward-looking statements.

Such risks and uncertainties include, but are not limited to, those as set out in the Risk Management Report in the Group's Annual Report for the year ended 31 December 2022. Investors should also read 'Principal Risks and Uncertainties' in the Group's Annual Report for the year ended 31 December 2022 beginning on page 133.

Nothing in this document should be considered to be a forecast of future profitability, dividend forecast or financial position of the Group and none of the information in this document is or is intended to be a profit forecast, dividend forecast, or profit estimate. Any forward-looking statement speaks only as at the date it is made. The Group does not undertake to release publicly any revision to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date hereof.

 

END