Permanent TSB pledges to complete Ulster Bank mortgage deal this year as it posts €36m loss

Losses are linked to the costs the bank has taken on to absorb the mortgage loans and branches from Ulster Bank

Permanent TSB chief executive Eamonn Crowley said the bank was attracting “tens of thousands” of new deposit and current account customers, as Ulster and KBC prepare to close their doors.

Permanent TSB said it aims to complete the acquisition of mortgage loans from Ulster Bank by the end of the year and to secure 25 branches as part of that deal in early 2023, but has also made plans for the overall transaction to be done “no later” than next summer.

The lender also posted pre-tax losses of €36m for the six months to the end of June that are linked to the costs it has taken on to absorb the mortgage loans and branches from Ulster Bank. It is recruiting heavily to complete the Ulster Bank deal, the bank said.