PTSB Still Has a Heavy Load to Shift

Permanent TSB (PTSB) must shift a further €550 million in problem loans before it will meet its own targets – and get a hearing from regulators on lifting a ban on paying dividends, The Irish Times reported. The bank disclosed in its interim results, published on Thursday, that it has €1.7 billion of NPLs on its balance sheet, equivalent to 10 per cent of its loan book, having reduced the ratio from an eye-watering 28 per cent at the start of 2018. Last year, it sold €3.4 billion in non-performing mortgages in the face of considerable political opposition. PTSB has a target of cutting its soured loans to a “mid-single-digit ratio” over the “medium term”, though chief executive Jeremy Masding let it slip to reporters in February that he aimed to reach that level by the end of this year. The bank told reporters in a presentation on Thursday that €300 million of its problem loans are on a path to be cured over the next 18 months. Read more

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