Permanent TSB raises outlook as business activity gets boost from Ulster Bank exit plans

The bank's new mortgage lending rose by 31% to €1.6bn year-to-date. Picture: Dan Linehan

Permanent TSB raised its outlook for this year despite economic headwinds, as its business activity was boosted by Ulster Bank’s plans to exit the retail banking market in the Republic.

Permanent TSB opened more than 100,000 new current accounts and 35,000 new deposit accounts so far in 2022, a 250% and 80% increase respectively on the same period last year.