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Losses down but still no profitability at Permanent TSB

The bank says the next step is to exit state ownership.

Image: James Horan via Photocall Ireland

PERMANENT TSB SAYS “the key message is that we have turned a corner.”

Group Chief Executive Jeremy Masding said the bank lent over €200 million to people to buy their homes in 2013, “about three times as much as we did in 2012. We’ve also lent a further €70m so far in 2014″.

Permanent TSB Group Holdings has reported a loss before tax of €668 million for 2013, compared to €919 million in 2012. The group is made up of Permanent TSB, its Asset Management Unit and its non-core business unit.

Permanent TSB reported an operating loss of €153 million last year.

While the bad bank, the Asset Management Unit reported a loss of €561 million.

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(Permanent TSB)

Permanent TSB said it opened about 58,000 new current accounts since it launched its new offering last April.

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Addressing arrears it said that “Over 12,000 long-term solutions for mortgage customers in arrears have been agreed. Our sense at this stage is that arrears have peaked in both the Irish Home Loan and Buy To let portfolios.”

Masding said,

There’s still some distance to travel but we are making real progress. The balance sheet is stronger and the bottom line is improving.

“Our next challenges will be to return to profitability, exit state ownership and return value to the Irish taxpayer”.

PTSB will be required to undergo rigorous stress tests later this year as part of a European Central Bank review.

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