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In a statement the bank said: "Trading conditions have become increasingly difficult, in particular since the release of our interim management statement on July 8, 2008."
John O'Donovan, the bank's chief financial officer, said the tough economic environment would result in a "vigorous management of costs" and a "pick-up in loan losses".
BoI reported first half deposit growth of around 20 per cent on the year and lending growth of eight per cent, reports MarketWatch.
According to the Irish Times, shares in BoI have fallen by eight per cent in early trading yesterday (September 18th).
The stock fall pushed the Iseq index of shares down two per cent - a drop of 85 points to 3,773.
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