Permanent TSB boosts lending outlook after strong September

Lending was down 23% and net interest income 6% lower so far this year versus the same period in 2019

Ireland's two dominant lenders, Allied Irish Banks and Bank of Ireland also reported a better-than-expected third-quarter performance last week. Picture: Sam Boal/Rollingnews.ie

Mortgage applications and approvals at permanent tsb (PTSB) were the highest so far this year in September and the bank said that with the pipeline remaining strong, new lending will not fall as much as anticipated this year.

PTSB initially thought new lending would be 40-50% lower than the 1.7 billion euros it lent in 2019, revising that to 40% in July when it saw signs of recovery from the COVID-19 crisis. It said on Tuesday it now anticipated a 30% decline.