Permanent TSB Group Holdings PLC Trading Statement (6964G)
November 08 2018 - 1:00AM
UK Regulatory
TIDMIL0A TIDM73HR
RNS Number : 6964G
Permanent TSB Group Holdings PLC
08 November 2018
07:00 08 November 2018
PERMANENT TSB GROUP HOLDINGS PLC (the "Bank")
Trading Update for the Nine Months Ended 30 September 2018
(Unaudited)
Key Points:
-- Business and Financial performance continues to trend in line with expectations.
-- New lending volume of EUR1.0 billion increased by 48% year-on-year (YoY).
-- Market Share of New Mortgage Lending increased to 14.7%[1] from 13.8% in H1 2018.
-- Net Interest Margin remains unchanged at 1.77% from H1 2018.
-- Non-Performing Loans (NPLs) reduced further by EUR0.1 billion from H1 2018.
-- Proforma Common Equity Tier 1 (CET1) ratio (on a Transitional basis) increased to 16.7%[2].
-- Proforma Common Equity Tier 1 (CET1) ratio (on a Fully Loaded basis) increased to 13.9%[2].
Business And Financial Performance
-- New Mortgage Lending grew by 49% YoY outperforming the market
growth of 20%[1]. As a result, market share of drawdowns increased
to 14.7%(1) . Whilst the mortgage market in Ireland continues to
grow steadily, it remains competitive. We continue to carefully
manage our offering maintaining price discipline and credit
underwriting standards.
-- Term Lending grew by 39% YoY.
-- NIM for Q3 2018 remained unchanged from 1.77%, at H1 2018. We
expect NIM to remain unchanged from this level for the full year
2018.
-- Operating Expenses and Impairment trends were in line with Management expectations.
Balance Sheet
Customer Balances
-- Customer Deposits of EUR17.1 billion were broadly unchanged
from H1 2018. 86% of Customer Deposits were from Retail sources and
are in line with H1.
-- Performing Loans amounted to EUR15.3 billion marginally increased from H1 2018.
Non-Performing Loans And Properties In Possession
-- NPLs reduced by EUR0.1 billion to EUR2.9 billion from H1 2018 primarily due to Cures.
-- Completion of the sale of EUR2.1 billion of NPLs announced in
July (Project Glas), continues to progress in line with Management
expectations.
-- We continue to manage the remainder of the NPL portfolio and
are committed to reducing the NPL ratio to single digits in the
medium term, as per regulatory guidelines, whilst protecting
capital.
-- At the end of Q3, PTSB held approximately 1,800 properties in
possession. Approximately 500 were sold year-to-date to end Q3 and
a further 330 were sale agreed. We expect to sell the majority of
these properties through various arrangements over the next 12
months.
Capital
-- Pro-forma Common Equity Tier 1 (CET 1) ratio on a Fully
Loaded basis and Transitional basis increased to 13.9%[2] and
16.7%[2] respectively compared to 13.4% and 16.2% at H1 2018. This
increase is mainly due to Profits earned in Q3 and a marginal
reduction in Risk Weighted Assets.
-- As communicated at the Interim Results, the impacts from
completion of NPL sale (Project Glas) and incremental TRIM outcomes
will be reflected in the capital ratios in Q4.
Ends
For further information, please contact:
Eamonn Crowley Rajesh Manirajan Ray Gordon
Chief Financial Officer Head of Investor Relations Gordon MRM
eamonn.crowley@permanenttsb.ie rajesh.manirajan@permanenttsb.ie ptsb@gordonmrm.ie
+353 1 669 5354 +353 1 669 5622 +353 87 241 7373
Note on forward-looking information:
This Announcement contains forward-looking statements, which are
subject to risks and uncertainties because they relate to
expectations, beliefs, projections, future plans and strategies,
anticipated events or trends, and similar expressions concerning
matters that are not historical facts. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors, which may cause the actual results, performance or
achievements of the Bank or the industry in which it operates, to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. The forward-looking statements referred to in this
paragraph speak only as at the date of this Announcement. The Bank
undertakes no obligation to release publicly any revision or
updates to these forward-looking statements to reflect future
events, circumstances, unanticipated events, new information or
otherwise except as required by law or by any appropriate
regulatory authority.
[1] Source: Mortgage drawdowns YTD to September 2018, BPFI.
[2] Includes profits earned in Q3 2018 which are subject to
regulatory approval.
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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