PERMANENT TSB HAS announced its profits for the first half of 2023, showing that the bank made a pre-tax profit of €26 million.

This is a significant improvement from the €36 million loss it made in the first six months of 2022.

Total income for Permanent TSB was €323 million from the beginning of this year until the end of June, 81% ahead of 2022′s income.

Customer lending rose by €1.2 billion in H1 of 2023, with Permanent TSB’s performing loan book increasing by €1.4 billion largely due to €1.1 billion from Ulster Bank portfolios.

Ulster Bank’s exit from the market proved highly beneficial to Permanent TSB, which took over €6.75 billion of performing Ulster Bank mortgages, SME loans and other retail assets.

Permanent TSB also recorded a €300 million increase in organic growth in its loans, with new lending increasing 36%.

The bank had a 23.1% market share in new mortgages in H1 2023, compared to 16.3% in June 2022.

Permanent TSB’s chief executive, Eamonn Crowley, stated that he was “very pleased” to announce today’s figures.

“I want to once again warmly welcome the approximately 88,000 new mortgage and business customers and over 330 new colleagues who have joined us from Ulster Bank over the course of this acquisition.”

“The Bank has made enormous progress over the past two years – with greater scale and diversification, an enhanced digital offering, a larger branch network, a bigger team of highly skilled and committed colleagues, and many more customers than before.”

“Despite a challenging economic backdrop, we look forward to the remainder of the year with confidence,” he said.

Customer deposits in Permanent TSB were reported at €22.6 billion on 30 June 2023, €0.9 billion higher than at 31 December 2022, reflecting a 6% increase in current account balances to €9.5 billion.

The bank’s loan to deposit ratio was 92% at the end of H1, while 71% of all customer deposits were insured.

Total operating expenses of €228 million were 21% higher than the prior year, which the bank attributes to “operating a larger business with more staff, and a larger distribution capability”.

Earlier this week, Bank of Ireland announced that it had made a pre-tax profit of €1 billion in the first six months of the year, while AIB reported an after-tax profit of €854 million for the same period.