PTSB see a rise in profits despite selling off mortgages to vulture fund – TheLiberal.ie – Our News, Your Views
September 18, 2018

PTSB see a rise in profits despite selling off mortgages to vulture fund

Permanent TSB have revealed that they have seen a pre-tax profit of €57m within the first six months of this year.

The profit which has been seen as a welcome boost to the bank, comes after the bank controversially decided to sell 11,000 non-performing loans to the so called Lone Star vulture fund.

Although the €2.1bn sale is not included in the profit earnings, PTSB say new lending over the past year saw figures rise to €585m following an 50% increase.

The bank also confirmed that their overall non-performing total fell by €200m to €5.1bn.

Although the bank has received strong criticism over their non-performing loans sale, PTSB say their share in the Irish mortgage market has increased by 1.2% overall.

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