Growing mortgage market and Ulster Bank boost sees PTSB interest income rise by 86%

As more mortgage holders seek certainty, PTSB expects the mortgage market to grow 3% by the end of 2023

Net interest income rose by 86% year-on-year, with gross interest income up 95% on the back of loan growth, rising interest rates and its Ulster Bank deal. Photo: Sasko Lazarov/RollingNews.ie

Permanent TSB has reported strong growth in the first three months of 2023, largely driven by new lending volumes as well as Ulster Bank's phased withdrawal from the Irish market.

Reporting a total operating income 77% higher year-on-year, the bank forecasts a total income of €650m in 2023, an increase of 60% compared to this time last year. With further interest hikes from the ECB expected, the bank said its total guidance remains "in line with prior market communications."