Bank of Ireland is likely to cut staff numbers - but not branches - over the next three years, despite huge profits.

Group chief executive Myles O’Grady spoke to Newstalk Breakfast on Monday as the group posted €1.9 billion in pre-tax profits, the same as last year.

This is despite falling ECB interest rates, which are set to go as low as 1.75% this year.

Customer deposits were also up 3%, while complaints were down 21%.

Hands with 100 Euro banknotes, which are counted and put on a table. Image: Klaus Ohlenschlaeger / Alamy. 5 January 2018

However, Newstalk Business Editor Joe Lynam told the show today that in a conference call, Mr O’Grady said that there may be a drop in staff numbers over the next few years.

“[Mr O’Grady] stressed though that there would be no change in the number of branches across the country,” Joe said.

“He said that given that we are in an inflationary environment, it means that we have to deliver efficiency saves and target a leaner organisation, and there are different parts of the organisation that can deliver that.

“We do expect the full-time equivalence of employees to be lower in three years than they are today.”

However, Joe said this does not necessarily mean that a peak in full employment has been reached, as certain sectors such as AI design are still creating jobs.

Main image: Pedestrians walk bast a brach of the Bank of Ireland near the Grand Canal Dock, in Dublin on January 8, 2019.  (Photo by Paul FAITH / AFP via Getty Images)