Shares in Permanent TSB climb 5% on new lending

Shares in Permanent TSB rose 5% after it told shareholders it had taken on new business and improved its profitability in the early part of the year.

The mortgage lender, which is 75% owned by the Government, is one of the most troubled of the Irish lenders to have survived the banking bust. It sold off loans it held in Britain last year but still carries a huge amount of non-performing Irish mortgage loans on its books.

Like its rivals, it has also made significant provisions for redress after overcharging its tracker mortgage customers.