Permanent TSB Group Holdings PLC - Dublin-based personal and small business bank - Says business and financial performance strong in first quarter, with new lending volumes of EUR500 million up 11% year-on-year and transactional banking income also higher. Net interest income is broadly flat from the previous year, the bank says. Outlook for the full year is unchanged, with net interest income set to grow, but net interest margin to remain at the low 150 basis points range, due to "retaining higher levels of excess liquidity with negative yields until the final quarter of the year". Operating costs are also expected to be around 12% higher for the full year.
"On the expectation that the acquisition of Ulster Bank DAC retail and SME business completes in the fourth quarter of 2022, the bank will have exceptional accounting gains which will increase the overall profitability of the bank and positively contribute to the bank's capital position," TSB says.
Current stock price: EUR1.44, down 3.5% on Monday
12-month change: up 2.5%
By Elizabeth Winter; elizabethwinter@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.