Permanent TSB shares climb 5% as bank makes progress resolving mortgages scandal

Shares in Permanent TSB rose almost 5% yesterday after the lender detailed “progress” in dealing with loan arrears and resolving its recent mortgages scandal.

However, the shares are still trading significantly below the price the Government secured when it sold down an initial stake in the lender last spring.

In a trading update, PTSB said that it continues to work on its redress scheme for wronged customers launched in July when a Central Bank investigation revealed the full extent of a scandal involving 1,372 mortgage customers at PTSB and its Springboard unit.