# Bank of Ireland Group (BIRG.IR)

Canonical: https://gigainvestors.com/s/BIRG.IR

Analysis as of: 2026-10-16T07:34:47.485Z. Financial observations: FY2015–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 18.23 per share; close as of 2026-10-15.

Estimated value: low EUR 6.53 per share, central EUR 8.17 per share, high EUR 10.89 per share. Buy at or below the central value EUR 8.17 per share. Valuation as of 2026-10-16T07:34:47.485Z; scenarios are not confidence intervals.

Expected annual return: 7.8% at the stated quote. About 7.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; IE 10-year bond 3.6% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 9

- Required profitable years: 9

- Return on common equity variation (informational): 0.80×

Chart: Net income; fiscal year observations.

- FY2016: EUR 799M

- FY2017: EUR 636M

- FY2018: EUR 620M

- FY2019: EUR 443M

- FY2020: EUR -777M

- FY2021: EUR 980M

- FY2022: EUR 820M

- FY2023: EUR 1.6B

- FY2024: EUR 1.5B

- FY2025: EUR 1.2B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 8.5%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 5.0%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 9.1%

- FY2017: 7.9%

- FY2018: 7.3%

- FY2019: 5.0%

- FY2020: -8.8%

- FY2021: 9.4%

- FY2022: 7.7%

- FY2023: 14.3%

- FY2024: 13.3%

- FY2025: 10.6%

### economics: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- book value per share plus dividends compounded below 7% annually

- Book value per share + reinvested dividends, annualized return: 6.1%

- Book return interval: 10 years

- Starting book value per share: EUR 7.96

- Ending book value per share: EUR 11.66

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 3.6%

- FY2017: -7.6%

- FY2018: 6.1%

- FY2019: 6.4%

- FY2020: 0.3%

- FY2021: 18.9%

- FY2022: 3.3%

- FY2023: 8.4%

- FY2024: 16.0%

- FY2025: 8.5%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -1.0%

- Diluted shares, 5-year annual growth: -2.0%

- Share growth excluding flagged crisis recapitalisations: -1.0%

- Five-year share growth excluding flagged crisis recapitalisations: -2.0%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.40×

- Book value created per share: EUR 3.70

- Earnings retained per share after dividends and buybacks: EUR 2.64

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 99

- FY2020: 100

- FY2021: 100

- FY2022: 99

- FY2023: 98

- FY2024: 95

- FY2025: 90

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 8.2% a year forever · "Bank of Ireland Group Maps 2028 Growth Push After €1.4B Profit, Dividend Hike" (finance.yahoo.com, May 2026) · net income -21.6%

Story as of 2026-10-16T10:00:02.499Z; price observation 2026-10-15.

The price assumes profits grow 8.2% a year forever

- 2026-05-21: Bank of Ireland Group Maps 2028 Growth Push After €1.4B Profit, Dividend Hike ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/bank-ireland-group-maps-2028-180755147.html))

### Net income · FY2025

net income -21.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 799M 

- FY2017: EUR 636M 

- FY2018: EUR 620M 

- FY2019: EUR 443M 

- FY2020: EUR -777M 

- FY2021: EUR 980M 

- FY2022: EUR 820M 

- FY2023: EUR 1.6B 

- FY2024: EUR 1.5B 

- FY2025: EUR 1.2B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are EUR 4.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.485Z); FY2025: revenue 4214000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BIRG.IR: Bank of Ireland Group plc provides banking and other financial services in the Republic of Ireland, the United Kingdom, and internationally. It offers current and savings accounts, demand and notice accounts, and business accounts and deposits; personal, car, home improvement and energy upgrade, top-up loans, and student loans, as well as overdrafts and mortgages; and business and farming loans, green business, insurance premium finance, invoice finance, hire purchase, and leasing services. The company also provides international payments and credit cards; international money transfer services; investment products; premier and private banking services; and business protection, mortgage protection, income protection, home protection, and protection for individuals and families. In addition, it provides home, car, travel, and life insurance products. It offers its products and services through its bank branches, banking app, and online and phone banking channels. Bank of Ireland Group plc was founded in 1783 and is headquartered in Dublin, Ireland.

### Why customers stay

It earns 8.5% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.485Z); 10-year return on tangible equity observations [[2016,0.09114761578827288],[2017,0.07871287128712871],[2018,0.07345101291316194],[2019,0.05041538636622283],[2020,-0.08827539195637356],[2021,0.09406795930120944],[2022,0.07743885163849278],[2023,0.1430493273542601],[2024,0.13306101164609768],[2025,0.10606729665283052]]; median 0.08493024353770079. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 589 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.485Z); Dividend observations: [[2016,124000000],[2017,4000000],[2018,124000000],[2019,173000000],[2020,25000000],[2021,68000000],[2022,123000000],[2023,225000000],[2024,973000000],[2025,513000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.485Z); FY2025: cash repurchases 589000000 EUR.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BIRG.IR SharesStats.PercentInsiders = 0.062 percentage points; cache date 2026-10-16.

### What could break it

Awards are subject to the relevant regulatory requirements, including Malus (where deferred2) & Clawback, and risk adjustment.

- Source: https://filings.xbrl.org/635400C8EK6DRI12LJ39/2025-12-31/ESEF/GB/0/635400C8EK6DRI12LJ39-2025-12-31/reports/635400C8EK6DRI12LJ39-2025-12-31-T01.html (filed 2026-03-04); The appropriateness of the end of year pool is assessed against a mix of financial and non-financial criteria, including profit, a key measure of financial success of the Group, and achievement of its strategic objectives of developing strong customer relationships and operating a simpler and sustainable business. Awards are subject to the relevant regulatory requirements, including Malus (where deferred2) & Clawback, and risk adjustment. Awards are limited to €20,000 in line with current remuneration restrictions or tax rules and can be reduced down to nil at the Committee’s discretion.

### What the price says

The price assumes profits grow 8.2% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.485Z); Price 18.23; FX 1; original perpetual distributable cash 0.32671118104991176; discount 0.1; growth 0.08207837734229777. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 5.85 per share

- 2016-11: EUR 6.03 per share

- 2016-12: EUR 7.02 per share

- 2017-01: EUR 7.44 per share

- 2017-02: EUR 6.72 per share

- 2017-03: EUR 7.05 per share

- 2017-04: EUR 6.93 per share

- 2017-05: EUR 7.23 per share

- 2017-06: EUR 6.90 per share

- 2017-07: EUR 7.05 per share

- 2017-08: EUR 7.00 per share

- 2017-09: EUR 6.93 per share

- 2017-10: EUR 6.73 per share

- 2017-11: EUR 6.55 per share

- 2017-12: EUR 7.10 per share

- 2018-01: EUR 7.86 per share

- 2018-02: EUR 7.70 per share

- 2018-03: EUR 7.11 per share

- 2018-04: EUR 7.45 per share

- 2018-05: EUR 7.07 per share

- 2018-06: EUR 6.69 per share

- 2018-07: EUR 7.35 per share

- 2018-08: EUR 7.04 per share

- 2018-09: EUR 6.60 per share

- 2018-10: EUR 6.27 per share

- 2018-11: EUR 5.59 per share

- 2018-12: EUR 4.86 per share

- 2019-01: EUR 5.23 per share

- 2019-02: EUR 5.72 per share

- 2019-03: EUR 5.31 per share

- 2019-04: EUR 5.69 per share

- 2019-05: EUR 4.80 per share

- 2019-06: EUR 4.60 per share

- 2019-07: EUR 4.00 per share

- 2019-08: EUR 3.46 per share

- 2019-09: EUR 3.64 per share

- 2019-10: EUR 4.31 per share

- 2019-11: EUR 4.56 per share

- 2019-12: EUR 4.88 per share

- 2020-01: EUR 4.41 per share

- 2020-02: EUR 3.36 per share

- 2020-03: EUR 1.72 per share

- 2020-04: EUR 1.84 per share

- 2020-05: EUR 1.62 per share

- 2020-06: EUR 1.83 per share

- 2020-07: EUR 1.75 per share

- 2020-08: EUR 1.89 per share

- 2020-09: EUR 1.58 per share

- 2020-10: EUR 2.11 per share

- 2020-11: EUR 2.64 per share

- 2020-12: EUR 3.30 per share

- 2021-01: EUR 3.08 per share

- 2021-02: EUR 3.38 per share

- 2021-03: EUR 4.23 per share

- 2021-04: EUR 4.88 per share

- 2021-05: EUR 5.24 per share

- 2021-06: EUR 4.52 per share

- 2021-07: EUR 4.48 per share

- 2021-08: EUR 5.33 per share

- 2021-09: EUR 5.11 per share

- 2021-10: EUR 5.16 per share

- 2021-11: EUR 4.81 per share

- 2021-12: EUR 4.99 per share

- 2022-01: EUR 5.96 per share

- 2022-02: EUR 5.91 per share

- 2022-03: EUR 5.81 per share

- 2022-04: EUR 5.80 per share

- 2022-05: EUR 6.30 per share

- 2022-06: EUR 6.03 per share

- 2022-07: EUR 5.58 per share

- 2022-08: EUR 6.16 per share

- 2022-09: EUR 6.59 per share

- 2022-10: EUR 7.30 per share

- 2022-11: EUR 7.81 per share

- 2022-12: EUR 8.90 per share

- 2023-01: EUR 9.79 per share

- 2023-02: EUR 10.43 per share

- 2023-03: EUR 9.32 per share

- 2023-04: EUR 9.37 per share

- 2023-05: EUR 8.79 per share

- 2023-06: EUR 8.74 per share

- 2023-07: EUR 9.60 per share

- 2023-08: EUR 9.20 per share

- 2023-09: EUR 9.29 per share

- 2023-10: EUR 8.45 per share

- 2023-11: EUR 8.59 per share

- 2023-12: EUR 8.22 per share

- 2024-01: EUR 8.53 per share

- 2024-02: EUR 8.05 per share

- 2024-03: EUR 9.45 per share

- 2024-04: EUR 10.05 per share

- 2024-05: EUR 10.52 per share

- 2024-06: EUR 9.77 per share

- 2024-07: EUR 10.48 per share

- 2024-08: EUR 10.37 per share

- 2024-09: EUR 10.03 per share

- 2024-10: EUR 8.46 per share

- 2024-11: EUR 8.29 per share

- 2024-12: EUR 8.81 per share

- 2025-01: EUR 9.63 per share

- 2025-02: EUR 11.34 per share

- 2025-03: EUR 10.85 per share

- 2025-04: EUR 10.33 per share

- 2025-05: EUR 12.08 per share

- 2025-06: EUR 12.09 per share

- 2025-07: EUR 11.81 per share

- 2025-08: EUR 12.64 per share

- 2025-09: EUR 14.02 per share

- 2025-10: EUR 14.19 per share

- 2025-11: EUR 15.96 per share

- 2025-12: EUR 16.38 per share

- 2026-01: EUR 17.15 per share

- 2026-02: EUR 16.54 per share

- 2026-03: EUR 15.44 per share

- 2026-04: EUR 16.74 per share

- 2026-05: EUR 17.44 per share

- 2026-06: EUR 17.43 per share

- 2026-07: EUR 18.09 per share

- 2026-08: EUR 18.99 per share

- 2026-09: EUR 19.84 per share

- 2026-10: EUR 18.59 per share

## Annual estimated value (EUR per share)

- FY2017: low EUR 5.61 per share, central EUR 6.17 per share, high EUR 6.86 per share

- FY2018: low EUR 5.55 per share, central EUR 6.11 per share, high EUR 6.79 per share

- FY2019: low EUR 2.21 per share, central EUR 2.76 per share, high EUR 3.68 per share

- FY2020: low EUR 4.37 per share, central EUR 4.81 per share, high EUR 5.35 per share

- FY2021: low EUR 3.45 per share, central EUR 4.31 per share, high EUR 5.75 per share

- FY2022: low EUR 7.47 per share, central EUR 8.21 per share, high EUR 9.13 per share

- FY2023: low EUR 5.72 per share, central EUR 7.15 per share, high EUR 9.53 per share

- FY2024: low EUR 8.91 per share, central EUR 9.80 per share, high EUR 10.89 per share

- FY2025: low EUR 6.35 per share, central EUR 7.93 per share, high EUR 10.58 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:32.350Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.