PTSB posts annual profit of €166m and prepares payout policy to shareholders

Profits of the bank shot up due in large part to interest rate hikes from the European Central Bank. 

PTSB has unveiled an annual profit of €166m as the mortgage and small business lender benefitted from European Central Bank interest rate hikes and prepares later this year to outline a policy to distribute capital to shareholders.

The underlying profit for 2023 compares with the €45m the lender made in 2022 and marks a significant improvement for the bank that was never far from loss-making in recent years.