Permanent TSB posts higher profit but sees 2025 income decline

(Alliance News) - Permanent TSB Group Holdings PLC on Tuesday reported higher earnings for 2024, ...

Alliance News 4 March, 2025 | 1:47PM
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(Alliance News) - Permanent TSB Group Holdings PLC on Tuesday reported higher earnings for 2024, while forecasting a decline in total income for the year ahead amid falling interest rates.

The Dublin-based financial services provider, in which the Irish government holds a 57% stake, said pretax operating profit for 2024 doubled to EUR159 million from EUR79 million the year before. Diluted earnings per share surged to 21.7 euro cents from 4.5 cents.

Total income edged up 0.6% to EUR672 million from EUR668 million, while net interest income slipped 1.3% to EUR612 million from EUR620 million. The bank's net interest margin came in at 2.2%, down from 2.3%.

Chief Executive Officer Eamonn Crowley said the bank is seeing "continued organic growth" and announced a refreshed business strategy for 2025-27, focused on diversifying income and driving efficiencies.

For 2025, Permanent TSB expects total income to decline by a low- to mid-single-digit percentage, with a net interest margin of more than 2.0%. By 2027, it aims for a margin exceeding 2.2%.

The bank's common equity tier 1 ratio improved to 15% at December 31, up from 14% a year earlier. Customer deposits rose 5% to EUR24.1 billion.

Looking ahead, the lender expects to resume shareholder distributions next year, subject to financial conditions and regulatory approval.

Shares in Permanent TSB were up 4.0% at EUR1.57 in London on Tuesday afternoon.

By Eva Castanedo, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2025 Alliance News Ltd. All Rights reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Permanent TSB Group Holdings PLC 1.48 EUR -1.99 -
Permanent TSB Group Holdings PLC 1.50 EUR -1.32 -

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