PTSB has over 900 homes in possession

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PTSB has over 900 homes in possession

 


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State-backed Permanent TSB had 960 properties in possession, with 200 for sale, at the end of March.

The majority of these homes are as a result of the targeted voluntary surrender programme, which the bank ran on the buy-to-let portfolio, it said in a trading update.

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Permanent TSB, which is 75pc State-owned, expects to sell the majority of these properties over the next 12 months.

Elsewhere, and lending increased 25pc to €300m in the first three months of the year.

Mortgage lending rose by 19pc year-on-year. The bank’s market share of new mortgage lending of 15.1pc is up from 14pc in the first quarter 2018.

The bank said that while the mortgage market in Ireland continues to grow steadily, “it remains competitive”.

“We continue to manage our offering carefully by maintaining price discipline and credit underwriting standards,” Permanent TSB said.

Meanwhile, the bank’s net interest margin (NIM) of 1.79pc is 1 basis points higher than for the full year 2018.

NIM is a key barometer of a bank’s profitability. The bank said the net interest income was partly offset by reduced income from non-performing loans due to loan sales in 2018.

Customer deposits of €17.2bn at 31 March were €200m higher than December 31 2018, with current account balances up 3pc from December 2018.

Analysts said the update shows a “strong” start to the year. “The strong market share performance and an improved backdrop for MREL funding will partly offset earnings pressure from the weaker outlook for ECB base rate expectations and cuts to the outlook for the mortgage market size,” said Davy analyst Stephen Lyons.

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“Overall, we expect to lower our 2020 and 2021 estimates by a low- to mid-teens percentage.”

Irish Independent

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