Bank of Ireland is turning over a new leaf, its recently appointed CEO told CNBC from Dublin on Monday.
The Irish commercial lender, one of Ireland's traditional "big four" banks, has proposed its first dividend in a decade, marking a turning point for the previously troubled bank following the financial recovery Ireland has seen over the past few years.
"It's first time in 10 years that Bank of Ireland is proposing a dividend — that's a pivotal moment for us," the bank's CEO, Francesca McDonagh, told CNBC. Previously at HSBC, McDonagh was appointed to the position last October.
The bank said it has proposed a dividend of 11.5 cents per share and called it "a significant milestone" that reflects the progress it has made since the financial crisis.
Ireland and its economy have moved from basket case to poster boy for austerity, since its bailout by international lenders. The bank, which received a 7 billion euro bailout in 2009, posted a profit before tax of 852 million euros ($1.05 billion) for 2017, lower than the year before due to a 170 million euro charge related to the overcharging of mortgage customers.