PTSB reports pre-tax profit of €79m

The bank said this followed the inclusion of negative goodwill following the purchase of the retail and business banking businesses from Ulster Bank.

Underlying profit before tax for the year rose to €166m compared to €45m in 2022.

The bank pointed to strong income growth throughout the year, with net interest income up 71pc year-on-year as a result of interest rate hikes, loan book growth and the migration of Ulster Bank loan book.

PTSB’s total performing loan book stood at €20.9bn at the end of the year, €1.8bn higher than at the end of 2022. This growth was driven by business banking and consumer finance, which offset a decline in new mortgage lending.

New consumer term lending was broadly in line with the prior year at €2.8bn, while new mortgage lending of €2.3pc was 11pc lower year-on-year.

Business lending was €167m in 2023, up 11pc. The total business loan book is now around €1bn.

Customer deposits rose to €23bn, an increase of €1.3bn from 2022.

Underlying costs jumped 25pc to €496m across the year.

The bank attributed this rise in total costs to the impacts of the Ulster Bank acquisition, the higher inflationary environment, as well as a €9m once-off non-recurring fee for the Deposit Guarantee Scheme.

Employee numbers rose to 3,206, up from 2,488 at end of 2022, following the addition of new colleagues from Ulster Bank along with other additional headcount to manage the Ulster Bank acquisition.

“Our results demonstrate real momentum through a robust financial performance, driven by income growth, a strong deposit franchise and good asset quality,” chief executive Eamonn Crowley said.

“2023 was a very significant year for PTSB as we supported customers with new lending of €2.8bn, while also successfully completing the integration of Ulster Bank businesses, including 330 former Ulster Bank colleagues; over 65,000 mortgage customers; an asset finance business, a private banking team and a business banking book.”