Permanent TSB focus on returning to profitability

A new management team is in place; restructuring plans have been finalised and submitted for approval to the troika; a €4bn recapitalisation has been completed; and, the focus now is on returning to profitability.

That was the message delivered by Permanent TSB chief executive Jeremy Masding following the release of abysmal results for the first six months of this year.

There was an after-tax loss of €566 million for the period, compared with a €413m profit for the first six months of 2011. However, last year benefited from a €763m gain on the back of a liability management exercise. Provisions for impairments increased to €437m over the first half of this year compared with an impairment provision of €333m for the corresponding period in 2011.