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BKRIF - AIB: A Stock Unfairly Penalized And Hugely Undervalued
Bank of Ireland Group plc
Following our last article in March 2018, the share price kept falling despite good business momentum. Indeed, the company has been able to maintain a resilient net interest margin by offsetting lower reinvestment yield by increasing loan yield (from 3.42% in 2018 to 3.47% in H1 2019) and reducing deposit costs (from 0.41% in 2018 to 0.31% in H1 2019). The company has continued to reduce its impaired loans from € 6.3B (NPE ratio of 16.1%) in 2017 to € 4.7B (NPE ratio of 7.5%) in H1 2019 and is on track towards its 5%