Saturday 21 September 2019

Permanent TSB holds over 900 homes in possession

Jeremy Masding, PTSB
Jeremy Masding, PTSB
Ellie Donnelly

Ellie Donnelly

State-backed Permanent TSB had 960 properties in possession, with 200 for sale, at the end of March.

The majority of these homes are as a result of the targeted voluntary surrender programme, which the bank ran on the buy-to-let portfolio, it said in a trading update.

Permanent TSB, which is 75pc owned by the State, expects to sell the majority of these properties over the next 12 months.

Elsewhere, and in the first three months of this year new lending of €300m increased 25pc year-on-year.

Market share of new mortgage lending of 15.1pc is up from 14pc in the first quarter 2018.

The bank said that while the mortgage market in Ireland continues to grow steadily, “it remains competitive”.

“We continue to manage our offering carefully by maintaining price discipline and credit underwriting standards,” Permanent TSB said.

Meanwhile, the bank’s net interest margin (NIM) of 1.79pc is 1 basis points higher than for the full year 2018.

NIM is a key barometer of a bank’s profitability. The bank said the net interest income was partly offset by reduced income from non-performing loans due to loan sales in 2018.

Customer deposits of €17.2bn at 31 March 2019 were €200m higher than 31 December 2018, with current account balances up 3pc from December 2018.

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