Income Statement Statistics - Q4 2016

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• In Q4 2016, banking offices resident in Ireland reported total operating income of €2.4 billion, an increase of 10 per cent on Q4 2015.
• Banking offices resident in Ireland reported total losses of €83 million during Q4 2016, bringing total profits for 2016 to €2.2 billion.
• Interest income received from loans and deposits accounted for €1.41 billion, or 58 per cent, of total operating income.
• In Q4 2016, interest payable on loans and deposits totalled €319 million, a reduction of 18 per cent since Q4 2015.

Income Statement

Total interest income from loans and deposits totalled €1.41 billion during Q4 2016, an increase of 5 per cent since Q4 2015. Domestic market¹ banks accounted for €1.15 billion of total interest income from loans and deposits (Chart 1). Since Q4 2012, interest payable on loans and deposits has decreased by 78 per cent to €319 million in Q4 2016. Both domestic market banks and IFSC banks experienced large declines with the former falling by 85 per cent and the latter falling by 49 per cent (Chart 2). The fall in interest income and expenses reflects lower market rates and deleveraging in the sector.

General expenses and other operating costs totalled €1.6 billion in Q4 2016. Wages and salaries accounted for €591 million of this. Domestic market banks accounted for €446 million of total wages and salaries (Chart 3).

In Q4 2016, banking offices resident in Ireland reported a total loss of €83 million. This brings annual total profit² after interest and tax for 2016 to €2.2 billion.

Further information

The data and explanatory notes can be accessed here.

Please Note: This will be the last income statement until March 2018 as it is moving to an annual rather than quarterly series.
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¹ Domestic market banks are banks that have a significant level of retail business with Irish households and NFCs, and would exclude the more internationally focused banks in the IFSC. A full list of these institutions is available on the Central Bank of Ireland website. Credit Unions are excluded from this set of statistics. 
² Profit reported is based on statistical methodology and may differ from profit calculated using accounting methodology.