Permanent TSB predicts income will jump 60% as benefits flow from Ulster and KBC exits

Irish bank shares have surged in the past year but were still not immune from the recent global banking turmoil     

Eamonn Crowley, chief executive of Permanent TSB: Irish economy continues to outperform in terms of growth and employment

Permanent TSB has predicted it will boost total income this year by 60%, as the smaller of the three remaining general Irish lenders reaps the rewards from the closure of formidable rivals Ulster Bank and KBC.

In its quarterly update, PTSB said operating income surged 77% from a year earlier, that net interest income climbed by 86%, and that it now commands a market share of 25% for new mortgage business in the Republic, up from a share of 15% a year earlier, before the full departure of the two rivals. Total income for 2023 will jump by 60% to €650m, the lender forecast.