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Permanent TSB reports a profit of 17 million euros for 2021

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The permanent TSB (PTSB) reported a pre-tax underlying profit of 17 million euros for last year, fluctuating after a loss of 109 million euros in 2020.

t’s pre-tax loss was €21 million, down from a pre-tax loss of €166 million the previous year, according to annual results.

The state-backed bank reported “strong” new lending of 2.1 billion euros, 44 percent higher than in 2020.

Its share of new mortgages here grew to 17.8 percent in 2021, up from 15.3 percent in December 2020, thanks to a 45 percent increase in new mortgages, exceeding outperforming the mortgage market grew 25 percent.

New consumer loans with a term of 93 million euros last year were down 4 percent from 2020. The bank said this was affected by a decline in demand over the past two years due to household deposits. higher and the Covid-19 pandemic.

Small and medium-sized business loans of 98 million euros in 2021 reflect an increase of about 104 percent compared to the previous period.

PTSB said it continues to “build on our SME service offering through a number of partnerships including our partnership with Strategic Banking Corporation of Ireland (SBCI).”

However, gross income was 4 percent lower than in the same period last year, and the bank’s basic net profit margin (NIM) – a key measure of a bank’s profitability – was 1.76 parts per cent. hundred, three basis points lower than in 2020.

The bank’s bad debt ratio fell from 7.6 percentage points as of December 31, 2020 to 5.5 percent at the end of last year.

PTSB’s costs rose 5pc to 345 million euros thanks to continued investment in the business, it said.

The Bank reported special expenses of 38 million euros last year, 19 million euros lower than in 2020. These expenses were mainly related to the partial acquisition of the Retail and Corporate businesses. small and medium enterprises of Ulster Bank.

“2021 is a transformative year for TSB in perpetuity as the bank has signed a legally binding agreement with NatWest Group and Ulster Bank to acquire approximately €7.6 billion from its Retail Finance business, SME and Ulster Bank Assets in the Republic of Ireland,” said Eamonn Crowley, chief executive officer of PTSB.

“Along with positive organic growth, this one-of-a-kind opportunity will allow the bank to grow its mortgage book by more than 40 percent, tripling its SME business today, increasing its spending network. branch to about 30 percent and welcome about 450 new colleagues to the bank.

We are also preparing to welcome depositing and checking Ulster Bank customers who will need a new provider with attractive offers, a strong community and customer ethos as well as The nationwide branch network is growing day by day,” he added.

https://www.independent.ie/business/irish/permanent-tsb-reports-profit-of-17m-for-2021-41401891.html Permanent TSB reports a profit of 17 million euros for 2021

Fry Electronics Team

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