Free banking backed up a high-profile advertising campaign. It has poached customers from AIB, Ulster Bank, Bank of Ireland and National Irish Bank.
David Went, chief executive of the bank’s parent company Irish Life & Permanent, said despite increasing competition this year, the number of new customers ‘wins’ has continued. Permanent TSB is signing up around 1,400 new customers a week, ahead of its target of 1,200.
Mr Went said it has also had success in cross-selling its products to new customers.
Looking ahead to this year, Mr Went said the release of SSIA funds would present a huge opportunity.
Though there would be competition “from people selling flat screen tellys and cars” for the SSIA cash, he said Permanent TSB and Irish Life would look for a “share of the pie”.
The company’s shares gained just under 2.5% on the ISEQ yesterday.