Permanent TSB posts €267m profits on Ulster Bank loan gains and ECB rate hikes

It reported it had absorbed €222m in exceptional gains linked to the ongoing acquisition of €7.6bn in mortgages and small business loan books from Ulster Bank

In the earnings statement, chief executive Eamonn Crowley said the benefits of the Ulster Bank deal were already flowing through for his bank. Photo: Sam Boal/Rollingnews.ie

Permanent TSB posted pre-tax profits of €267m in 2022 after tapping hefty accounting gains from the acquisition of billions worth in mortgage loans from Ulster Bank.

The lender is one of the three remaining banks that strengthened their grip over Irish banking and have benefitted ever since the European Central Bank started hiking interest rates from last summer.