Business Irish

Thursday 14 November 2019

Mortgage lending jumps at PTSB amid hunt to replace Masding

'Last month, the bank announced that its CEO Jeremy Masding was stepping down after seven years in charge.' Photo: Iain White - Fennell Photography
'Last month, the bank announced that its CEO Jeremy Masding was stepping down after seven years in charge.' Photo: Iain White - Fennell Photography
Ellie Donnelly

Ellie Donnelly

Mortgage lending at State-backed Permanent TSB increased by 17pc year-on-year in the three months to September 30.

The bank's market share of drawdowns increased to 15.5pc, according to a trading update. Personal lending rose 14pc, while loans to small and medium businesses also increased, albeit from a "low base".

Meanwhile, the bank's non-performing loans (NPLs) reduced by 35pc to €1.1bn at September 30 from €1.7bn at June 30, following the sale of €500m of NPLs. The bank's NPL ratio is now below 7pc.

Net interest margin - which measures the difference between the bank's cost of money and what it charges to lend - was 1.82pc. This was in line with the first half of this year and up five basis points on the same period last year.

Last month, the bank announced that its CEO Jeremy Masding was stepping down after seven years in charge.

The bank has commenced a process to replace him.

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