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Over 15 per cent of Permanent TSB's home loan customers are in arrears

Pre-tax losses for the bank have fallen from €587 million in the first half of 2012 to €131 million in the first six months of this year.

Image: James Horan/Photocall Ireland

FINANCIAL RESULTS FOR the first six months of 2013 show that more than 15 per cent of Permanent TSB’s owner-occupied mortgage-holders are in arrears.

This has increased since December 2012 when 13.7 per cent of these loans were in arrears for over 90 days.

Results show there has been a drop in the number of buy-to-let mortgage cases in arrears at 18.8 per cent at the end of June 2013 compared to 21 per cent in December 2012. PTSB said that the bank has made long-term agreements with over 4,000 long-term mortgage-holders this year.

Chief Executive Jeremy Masding said the bank is “gaining good traction” with customers who are in arrears and plans to keep working with them.

There was €121 million in new mortgages approved in the first six months of this year and almost 30,000 new current account customers joined.

Pre-tax losses for the bank have fallen from €587 million in the first half of 2012 to €131 million in the first six months of this year. However the bank said today this figure is “flattered” by some one off exceptional items of €318 million.

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Impairment charges came to €430 million and the operating loss for the period, after impairments and before exceptional items was €449 million, compared to €457 million for the same period last year.

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