Permanent TSB narrows losses to €21m

Lender to acquire Ulster Bank's retail, SME and asset dfinance business

Permanent TSB recorded total new lending of €2.1bn last year, a 41% increase on 2020.

Permanent TSB has narrowed losses to €21m loss for 2021, down from a €166m loss in 2020.

Reporting its annual results this morning, the lender recorded a profit before tax of €17m based on total income of €361m. Its underlying operating expenses were €295m and a net impairment write-back of €1m was recorded. Non-core items of €38m were higher due to costs associated with the Ulster Bank transaction.