PTSB pledges to cut level of non-performing loans

Permanent TSB has pledged a renewed focus on tackling its huge level of non-performing loans, as the mortgage lender delayed paying a dividend until 2019.

Presenting its 2016 earnings, the bank revealed that €5.7bn of its home and buy-to-let loans in the Republic were non-performing at the end of December — equivalent to almost 28% of the bank’s gross lending.

Irish banks carry some of the highest levels of non-performing loans in the eurozone, and Permanent TSB —75% owned by the Government — has a much higher level than most other lenders here.