First after-tax profit in nine years...
Permanent TSB has announced its first after-tax profit in nine years.
The bank, which is 75% owned by the State, posted profits after tax of €80 million this morning, as it generates capital for the first time since 2007 – the year before the financial crash.
The results for the first six months of the year show a major turnaround from the same period in 2015, when it made a loss of €410m.
The sale of a share held in Visa Europe contributed €29m to operating income.
Meanwhile, new mortgage lending rose by 4% year-on-year.
Non-performing loans were reduced by a further €400m to €6.2bn.
There was an impairment write-back of €61m, an improvement of €85m on the year previous.
PTSB's net interest margin, excluding guarantee fees to the Government, increased by 31 basis points to 1.43%.
PTSB chief executive Jeremy Masding said:
“Having recapitalised the bank during 2015, the group has moved to pre-and post-tax profitability and is generating capital for the first time since 2007.
"This positions us better to focus on our commercial agenda and to grow the business.
“Of course there are challenges ahead. However, we remain as committed as ever to serving our customers and, to delivering attractive and sustainable returns to our shareholders by making the most of our key strengths.”