PTSB records €57m loss for the first half of 2020

The bank anticipates new lending could be around 40% lower than the €1.7 billion it lent in 2019

PTSB reported a €57 million first-half pretax loss on Tuesday, down from a €28 million profit a year ago. File Picture: Larry Cummins

Permanent TSB (PTSB) set aside €75 million euros in the first half of the year to cover expected losses from the 10,500 Covid-19 related repayment breaks, half of which have been extended beyond three months.

Ireland's banks offered the three-month breaks in March and agreed to extend them to six months for customers in need of further temporary relief as the Irish economy emerges from lockdown at a slower pace than most of Europe.