New mortgage lending jumps 49pc at Permanent TSB
New mortgage lending at Permanent TSB has jumped 49pc year-on-year in the nine months to 30 September.
As a result, the bank’s market share of drawdowns increased to 14.7pc from 13.8pc, according to a trading update from the group.
"Whilst the mortgage market in Ireland continues to grow steadily, it remains competitive. We continue to carefully manage our offering maintaining price discipline and credit underwriting standards," Jeremy Masding, CEO of Permanent TSB, said.
Overall, and the banks said its performance continues to trend "in line with expectations."
Its new lending volume of €1bn represented a 48pc increase year-on-year.
On the matter of non-performing loans (NPLs), PTSB said that they had reduced by €0.1bn to €2.9bn from the first half of 2018 primarily due to some loans returning to a performing status.
The bank added that the completion of the sale of €2.1bn of NPLs announced in July, and known as Project Glas, continues to progress in line with management expectations.
When completed the sale will reduce the NPL ratio down to 16pc from 25pc.
"We continue to manage the remainder of the NPL portfolio and are committed to reducing the NPL ratio to single digits in the medium term, as per regulatory guidelines, whilst protecting capital," Mr Masding said.
Customer deposits of €17.1bn were broadly unchanged from the first half of 2018.
Meanwhile performing loans amounted to €15.3bn, a marginal increase from the first half of 2018.
The bank’s pro-forma Common Equity Tier 1 (CET 1) ratio on a fully loaded basis and transitional basis increased to 13.9pc and 16.7pc respectively compared to 13.4pc and 16.2pc at the first half of 2018. This is a measurement of the bank's core capital compared to its total risk weighted assets.
The increase is mainly due to profits earned in the third quarter of 2018, and a marginal reduction in risk weighted assets.