The Permanent TSB (PTSB) said on Tuesday its new lending rose 11% to 500 million euros in the first three months of the year as the economy remained ‘robust’ even as the war in Ukraine took hold. “temperate the post-pandemic”. recovery”.
New mortgages grew at the same rate, reaching 400 million euros, giving the bank a market share of 17% of drawdowns during the period – although slightly below the business share of 17, 9% recorded for the same period in 2021.
“The mortgage market in Ireland is expected to grow by 15% from €10.5bn in 2021 to around €12.1bn in 2022, and it remains very competitive. We continue to manage our offering carefully, maintaining price discipline and credit underwriting standards,” the bank said in a statement.
The PTSB said it had agreed to a 6.5% wage increase over two years for employees, amid high inflation in the economy.
“We believe this agreement is competitive and will be effective in attracting, retaining and motivating talented colleagues to enable us to deliver on our commitments to customers and all other stakeholders as we build a sustainable bank for the future” , did he declare. “The bank continues to closely manage its cost base while investing in its people and infrastructure to ensure we are adequately prepared to meet the needs of our rapidly growing customer base.”
The PTSB agreed last year to buy around €6.8 billion in mortgages and small business loans from Ulster Bank as the latter exits the market. The agreement, which remains subject to approval by competition authorities, will increase PTSB’s loan portfolio by more than 40%.
PTSB chief executive Eamonn Crowley said the bank is “making good progress” in preparing for the migration of loans from Ulster Bank.