Bank of Ireland's CEO says 'mistakes' of the past have been a 'very strong motivation' for the lender's improved fortunes.

Richie Boucher was speaking after the bank posted pre-tax profits of €921m last year - a turnaround of €1.5bn on 2013.

The bank also says all trading division were profitable in 2014.

The bank was the largest lender in the Irish market last year - with over €10 billion in new loans, an increase of 50%.

BOI says its improved figures are partly down to a €1.2bn reduction in the charge it had to pay for bad loans.

The bank also says it reduced defaulted loans by €2.8 billion to €14.3bn - 22% below their peak.

Bank of Ireland has cut 5,000 jobs since the financial crisis began - but speaking to Newstalk Breakfast CEO Richie Boucher says they are now committed to keeping its branches open:

Mr Boucher admitted that the bank had made mistakes, but says that has been a very strong motivation for the management team to improve the business:

Originally posted at 8.09am