PTSB shares tumble 10% as lender unveils €166m annual profit

PTSB, which is 57%-owned by the Government, is still dwarfed by AIB and Bank of Ireland, despite its deal-making with NatWest's Ulster

PTSB CEO Eamonn Crowley and CFO Nicola O'Brien: 2023 was marked by 'a robust financial performance, driven by income growth, a strong franchise and good asset quality'.

PTSB has unveiled an annual profit of €166m as the mortgage and small business lender benefitted from European Central Bank interest rate hikes, saying it will only be ready to start to lay out its policy about the timing of its first distribution to shareholders much later this year.

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.