Permanent TSB Group Holdings PLC
LSE:PTSB
Permanent TSB Group Holdings PLC
Permanent TSB Group Holdings Plc engages in the provision of retail financial services. The company is headquartered in Dublin, Dublin and currently employs 2,236 full-time employees. The company went IPO on 2010-01-18. The Core Bank segment offers a range of retail banking products through multiple channels, in addition to corporate and institutional deposits, and which manages, through the Asset Management Unit (AMU) platform, the Company's non-performing and/or high risk home loans, buy-to-let and unsecured loan portfolios. The Core Bank focuses on Irish retail consumer business, which consists of return on investment (ROI) residential mortgages, which are primarily funded by customer deposits and wholesale market funding. The Core Bank targets mainstream Irish retail personal and non-personal customers and offers a range of retail banking products, including deposit accounts, term loans and consumer finance through multiple channels.
Permanent TSB Group Holdings Plc engages in the provision of retail financial services. The company is headquartered in Dublin, Dublin and currently employs 2,236 full-time employees. The company went IPO on 2010-01-18. The Core Bank segment offers a range of retail banking products through multiple channels, in addition to corporate and institutional deposits, and which manages, through the Asset Management Unit (AMU) platform, the Company's non-performing and/or high risk home loans, buy-to-let and unsecured loan portfolios. The Core Bank focuses on Irish retail consumer business, which consists of return on investment (ROI) residential mortgages, which are primarily funded by customer deposits and wholesale market funding. The Core Bank targets mainstream Irish retail personal and non-personal customers and offers a range of retail banking products, including deposit accounts, term loans and consumer finance through multiple channels.
Guidance Upgraded: Management raised full-year 2023 net interest income guidance by 5% to EUR 680 million, and lowered the cost-to-income ratio outlook to 65% from 70%.
Strong Profitability: Underlying profit rose to EUR 86 million, an increase of EUR 88 million year-on-year, with return on equity at 7%.
Lending Growth: New lending in H1 reached EUR 1.4 billion, up 36% versus last year, with mortgage market share rising to 23.1%.
Ulster Bank Acquisition: Successful integration added scale, diversification, and EUR 170 million of additional interest income, helping boost the customer base and loan book.
Deposit & Capital Strength: Customer deposits grew 4% since December 2022, CET1 ratio stands at 14.4%, and liquidity/funding metrics remain robust.
Asset Quality Stable: Cost of risk is low, with guidance for 2023 unchanged at not more than 10 basis points, and NPL ratio stable at 3.3%.
Positive Market Response: Both equity and debt issuances in 2023 were significantly oversubscribed, increasing market liquidity and bringing new investors.
Medium-Term Ambitions: Targets for 2025 include 2.5% net interest margin, over EUR 800 million in income, and return on equity of 11%.
