In the initial portion of 2024, PTSB witnessed a marginal decrease in their mortgage market stake due to a calm mortgage switcher market and intense contests targeting first-time purchasers. Ascending by 9% year on year, the bank announced in a preliminary managerial statement that its total operating income had reached €167 million for the first financial quarter.
The net interest margin stood 5 bps higher at 2.31 percent, while the operating expenses adhered to prospects, with a prediction of a moderate yearly increase. From a previous 15.4 percent at the conclusion of 2023’s last quarter, the bank notified that its fresher business mortgage market stake had dropped to 13.4 percent.
Deposits made by customers, as of March 2024, were €23.3 billion, a 5% or €1 billion rise compared to the same interval in 2023, and a 1% increase from the preceding year’s end. Despite witnessing a 7.5% yearly surge, the net loans and advances to customers amounted to €21.3 billion. The slower speed of new lending, combined with contractual paybacks and redemptions, led to a 1% reduction in Q1. Throughout the initial months, strong lending across terms and business banking, amounting to €80 million, and the bank confirmed that the asset finance business line added more variety to the business operations.
At the end of March 2024, the total performing loan book dropped 1% on a quarter-on-quarter basis to €20.8 billion, as new loan volumes were overtaken by contractual repayments and redemptions. Non-performing loans amounted to €700 million at the close of March.
Recording a firm financial accomplishment in those three months was CEO Eamonn Crowley, noting a 10% year on year rise in net interest revenue and a twofold increase in business lending. He further stated their mortgage market stake had incurred a small decrease from Q4 of 2023 throughout Q1, continuing to be influenced by the reduced switcher market. They stand by their pledge to introduce competitive proposals to the mortgage market as well as to diversify their lending to business customers via both business banking and PTSB Asset Finance.
Their robust capital and liquidity conditions, the persistent growth in their client deposit base, and their revived brand positioning affirm their capability to expand and diversify the business across retail and business banking, now and in the subsequent years.
“We are certain that the purchases and capital we have injected set a strong foundation for the continuous growth and expansion of our company, ensuring reliable profits for our shareholders in the long-term.” Owned predominantly by Irish taxpayers with a 57.4% stake, the institution underwent a name change from Permanent TSB to simply PTSB in October of the previous year.