Depressing results make bank’s future even more uncertain

Another set of all-too predictably depressing results for Permanent TSB only serves to make the bank’s future more uncertain than ever.

In its last set of financial results before being formally split from the rest of Irish Life, due to occur in a few weeks, Permanent TSB yesterday reported a total after-tax loss of €424m for 2011, over €100m more than the €321m losses it generated in 2010.

The loss wasn’t a total surprise as the bank had at the end of February warned that impairment charges — to cover rising loan losses — increased by €1bn during 2011 to €1.4bn.