PTSB mortgage share surges as it taps chaos of Ulster Bank and KBC exit plans

PTSB is favoured to take a large slice of Ulster's €14bn performing home loans book, a development that most banking industry observers say will only consolidate Irish banking further to the benefit of lenders and not borrowers.

Amid the crisis facing Irish banking, there are already signs that PTSB is benefiting from the uncertainty for home loan borrowers after KBC said it would follow Ulster by closing up in the Republic. File picture.

Permanent TSB (PTSB) reported no major scarring from the Covid-19 crisis and appears to be already benefiting from the chaos caused by the plans of Ulster Bank and KBC to quit banking in the Republic, as its mortgage market share surges to almost 18%.      

PTSB shares were little changed at €1.40 after the bank issued a new update but have nonetheless soared by 62% since the start of the year and since late February in particular when PTSB first unveiled plans to buy loans in the carve-up of Ulster Bank books. The shares have risen 10% in the past week alone.