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Bank of Ireland, the nation’s largest bank, more than tripled its first-half pre-tax profits to €1.03bn, boosted by higher interest rates, Ireland’s buoyant economy and the absorption of customers from KBC bank, which has exited the country.

“We are now six months into our three-year strategy,” chief executive Myles O’Grady said. “Our strong results show the progress we are making, and our delivery for customers, colleagues, shareholders and society.”

Net interest income rose to €1.8bn from €1.1bn. Net profit for the period was €853mn, compared with €293mn and the bank said it expected net interest income in the second half to be “modestly higher” than its first-half performance.

The bank’s loan book has increased by €8.7bn to €80.7bn since December, it said.

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