Bank ‘turns a corner’ after cutting after-tax loss

State-owned Permanent TSB made an after-tax loss of €261m in 2013 compared with €996m the previous year, helped by one-off gains in pension liabilities and deferred tax assets.

The operating loss before exceptional items and including impairment charges was €977m for the 12-month period, which is unchanged from 2012. The loss before tax was €668m compared with €919m last year.

The operating loss before exceptional items and impairment charges was €48m in 2013 compared with €86m the previous year.