Permanent TSB swings to €26m profit in 2015, first since 2007
Permanent TSB (PTSB) swung to a €26m operational profit last year representing a significant change from the €39m loss it made in 2014.
Over the course of 2015 the bank issued €519m in new loans an increase of 6pc while it also reduced non-performing loans by 27pc.
PTSB now has €6.1bn in non-performing loans on its books but increased its net interest margin by 22bps to 112bps.
The bank's cost income ratio fell to 84pc in 2015 down from 126pc in the previous year.
PTSB had its initial public offering in the Spring of last year and PTSB chief executive, Jeremy Masding, said the group was delighted with its first pre-exceptional profit since 2007.
"We made strong progress on growing our net interest margin, reducing our cost income ratio, putting sustainable solutions in place for customers in arrears and further strengthening our balance sheet.
"There's much still to be done and further challenges to be met but we have made a good start and are in a good position," Mr Masding said.
The number of residential mortgages in Ireland over 90 days in arrears decreased by 21pc, down to 13,718.
The bank also reduced the number of arrears cases of over 720 days by 9pc down to 8,612. PTSB said the arrears improvements reflected positive trends in the Irish economy.