Pre-tax profits at the Bank of Ireland Group jumped by 34 per cent to £530.4 million for the year to the end of March, reflecting the significant increase in the scale of its operations over the past year.

Following two major acquisitions - the Bristol & West building society in Britain and New Ireland - pre-tax profits have risen to almost £1.5 million a day from just over £1 million.

A geographic breakdown shows that some £1 million of that daily profit comes from operations in the Republic and Northern Ireland.

Ireland generated 70 per cent of group profits, down from 81 per cent.

Some 19.3 per cent of profits came from Britain, boosted by the inclusion for eight months of the £600 million sterling Bristol & West acquisition.

Just over 10 per cent of group profits came from the US.

Announcing the latest results, the recently appointed chief executive, Mr Maurice Keane, said the bank would continue to expand. He declined to discuss current problems about the reputation of banks other than to state that his bank's "clear policy is to conduct all our business with customers with the utmost of integrity". Deputy chief executive, Mr Pat McDowell later added that the bank was looking at the nature, scale and complexity of its charges. "There is an obligation on us to find some ways of simplifying them in order to allay customer concerns," he said. Total assets jumped to £39.6 billion from £19.7 billion, showing the significant increase in the scale of the group. The acquisitions added assets of £15.4 billion.

In the current year, the group would continue to expand organically and by acquisition if suitable opportunities were available, Mr Keane said. It is interested in further acquisitions in Britain and in Ireland.

Describing Bristol & West as "a platform for growth", Mr Keane said it had plenty of scope to grow organically. In addition, Bank of Ireland would be "attracted to the possibility of making a value enhancing acquisition". Any acquisition would have to be in the right range of business, in the right market area, with opportunities for synergies and at the right price, he said. But he added that, with the high prices in the British market, it was difficult to do a value-enhancing acquisition.

In the Irish market, he confirmed the group's interest in ICC Bank "if it comes on the market". In the US, where Bank of Ireland has 23.5 per cent of the Citizens Financial Group, which contributed £55.5 million to the latest profits, the bank reviewed its investment regularly, he said.

With a 40 per cent rise in net profits to £353.8 million, shareholders will get a 30 per cent increase in dividends to 23p per share for the year. The final dividend is 15.9p per share. The increase reflects a progressive dividend policy, but it is also the bank's response to the negative impact on shareholders of the reduction in the tax credit on dividends announced in the Budget.