Permanent TSB Sees Post-Tax Profit
July 27
10:03
2016
For the first half of the year, Permanent TSP reports a post tax profit of €80m, which is the first recorded profit since 2007.
A year ago, the company recorded a loss of €400m.
The company gained €29m after selling its share in Visa Europe, and they also recorded an impairment write back of €61m in the last six month period as well.
In the last six months, the bank’s interest margin rose by 31 basis points to 1.43%. It also increased its mortgage lending by 4% each year, while non-performing loans were lowered by €400m to €6.2bn since December.
Chief Executive, Jeremy Masding stated that this profit is the result of recapitalizing the bank in 2015, and that it puts them in a better position to focus on growth and commercial agenda.
