PROFITS from the Bank of Ireland's Northern Ireland operation rose by 11 per cent to a record £24.5 million sterling for the year to the end of March, according to chief executive Mr Gerry McGinn.

Bank of Ireland has 46 branches in Northern Ireland, less than half that of the Northern and Ulster Banks, and far fewer than the First Trust Bank's 76 branches. But Mr McGinn said that the personal sector had shown particularly strong growth in deposits and personal lending, which showed increases of 15 per cent and 40 per cent respectively.

There was also an 11 per cent rise in mortgage business.