Thursday February 20, 2020

Permanent TSB takes pain in the drive for future gain

Once Ireland's biggest mortgage lender, Permanent TSB is hoping to establish itself as a viable third force in Irish banking, writes Jon Ihle.

13th January, 2013
Jeremy Masding: wants the group to register a profit by 2016. Photo: Photocall

Permanent TSB is likely to book hundreds of millions in additional losses when it reports annual results for 2012 in April as mortgage arrears continue to bite. But chief executive Jeremy Masding is insisting that the nationalised lender has to make a profit on new lending in 2013.

PTSB, once Ireland's biggest mortgage provider by market share, said last week that it would increase lending fivefold to €450 million this year following a restructuring process in 2012...

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