Permanent TSB Group Holdings PLC - Ireland-based provider of retail and SME banking - Pretax loss for the first half of 2020 was EUR57.0 million, swinging from a profit of EUR28.0 million a year prior. Operating profit before impairment and taxation losses for the half was EUR18.0 million, down from EUR32.0 million year on year. After a solid first quarter, ended March 31, the impact of Covid-19 weighed heavily on the second quarter, ended June 30, due to the bank seeing new business volumes and transactional banking activities reduced to levels lower than the bank had seen in recent years. The company did not mention an interim dividend. Permanent TSB's outlook remains uncertain and depends on the containment of Covid-19 and the government led phases of reopening the economy. The company has seen some recovery in recent weeks but household spending remains curtailed, resulting in build-up of deposits and a reduction in demand for credit.
Current stock price: EUR0.48
Year-to-date change: up down 57%
By Greg Roxburgh; gregroxburgh@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.