Permanent TSB Group Holdings (PTSB) has reported a significant rise in profits and income for 2024, reinforcing its position as a competitive player in the Irish banking sector.
The bank announced that its pre-tax profit more than doubled to €159 million, up from €79 million in 2023, while total income rose 1% to €672 million, aligning with previous forecasts.
Although total new lending dipped slightly to €2.6 billion from €2.8 billion in 2023, PTSB highlighted a 19% increase in lending during the second half of the year. The bank attributed this to strong momentum in diversifying its income, particularly through its growing Business Banking division.
Mortgage Market Share Growth
New mortgage lending declined to €2.1 billion from €2.3 billion in 2023, but the bank emphasized a 95% surge in the second half of the year. PTSB attributed this rebound to strong customer demand for its competitive mortgage offerings.
Its mortgage market share increased to 20.2% in Q4, with fixed-rate mortgages accounting for 85% of new home loans. Additionally, Green mortgage lending—which offers lower interest rates for energy-efficient homes—comprised 43% of all new mortgage loans.
The overall Irish mortgage market grew by 4% to €12.6 billion in 2024, though it remains below the €14.1 billion recorded in 2022.
CEO Highlights Strong Business Growth
PTSB CEO Eamonn Crowley said the bank’s performance reflects years of progress and investment.
“Our underlying profit was €180 million, an 8% increase, and deposits grew 5%—up 25% over the last three years. Our mortgage loan book has expanded 60% in the same period, and we are actively diversifying into business lending,” Crowley told Morning Ireland.
The bank’s SME banking division also saw notable growth, with its lending book up 16% and new SME loans rising 28%.
Job Cuts Amid Efficiency Push
Despite the strong financial performance, PTSB confirmed plans to cut around 300 jobs in 2025 as part of an ongoing voluntary redundancy scheme launched last year. The program is expected to generate over €20 million in annual cost savings, with an exceptional charge of €25 million set for 2025.
Crowley clarified that the job cuts follow the bank’s workforce expansion in recent years, largely due to its acquisition of certain Ulster Bank assets. He assured that the reductions would not impact customer service, emphasizing that the program remains voluntary for both employees and the bank.
Future Strategy & Market Position
As part of its new “Business Strategy 2025-27”, PTSB plans to deepen customer relationships, expand income streams, and enhance customer experiences while maintaining cost efficiency.
“PTSB is Ireland’s challenger bank, and with our strong capital and liquidity positions, we are in prime position to continue providing much-needed competition in the Irish market,” Crowley stated. “Our ambition is to be Ireland’s best personal and business bank through exceptional customer experiences.”
With solid financials and a growing presence in both mortgage and business banking, PTSB is poised to maintain its upward trajectory in the years ahead.