Permanent TSB announces drop in losses to €171m
Permanent TSB has reported a drop in losses before exceptionals of 62pc to €171m in the first half.
Impairment charges at the lender fell 65pc to €149m while mortgage lending increased to €180m, a significant hike.
There was a 14pc drop in the number of customers in arrears of more than 90 days, since December 2013 while Permanent TSB offered over 24,000 treatments for mortgage customers in arrears - over 80pc of customers in arrears are engaging with the group.
Underlying operating profit (pre-impairment and non-recurring items) stood at €4m for the group and €13m for the core bank.
"We’ve made huge progress on the arrears problem," said Jeremy Masding, chief executive at Permanent TSB.
“We’ve cut our reliance on ECB funding by two thirds from the peak and we have grown our customer deposits”.
He welcomed positive developments at the bank although he warned that it was still making losses.