Bank of Ireland is to issue just over 658,000 new shares to shareholders who opted to take shares in lieu of their interim cash dividend of 9.2p per share.

The bank has not indicated how many of its shareholders opted for the scrip dividend alternative, but those who did are already sitting on a handsome paper profit following the recent surge in the shares. When the shares went ex dividend on November 27th they were trading at £14.27 (18.12) but are now trading around 20 (£15.74).