Permanent TSB profit boosts shares

Shares in Permanent TSB, which have shed more than half their value this year, rose to their highest level since before the UK referendum, as pressure appeared to ease for it to quickly dispose of a large UK loan book worth £2.3bn (€2.74bn).

After posting a net first-half profit of €80m, PTSB said it increased its capital for the first time since the onset of the financial crisis nine years ago.

Impairment write backs of €61m and a gain of €29m from the sale of a share in Visa Europe boosted the results.