Industry & Business

Permanent TSB Sees Post-Tax Profit

Permanent TSB Sees Post-Tax Profit

July 27
10:03 2016

01_28121027_a62c46_2429648a For the first half of the year, Permanent TSP reports a post tax profit of €80m, which is the first recorded profit since 2007.

A year ago, the company recorded a loss of €400m.

The company gained €29m after selling its share in Visa Europe, and they also recorded an impairment write back of €61m in the last six month period as well.

In the last six months, the bank’s interest margin rose by 31 basis points to 1.43%. It also increased its mortgage lending by 4% each year, while non-performing loans were lowered by €400m to €6.2bn since December.

Chief Executive, Jeremy Masding stated that this profit is the result of recapitalizing the bank in 2015, and that it puts them in a better position to focus on growth and commercial agenda.

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