Banking

Permanent TSB swings from loss to profit of almost €270 million

The lender got a major boost from higher interest rates and buying parts of Ulster Bank’s Irish operations

When exceptional items were stripped out, the bank’s underlying pre-tax profit was €45 million. Picture: Rollingnews.ie

Permanent TSB has recorded a pre-tax profit of €267 million for 2022, in what it said was an “exceptionally strong” year for the lender.

The bank announced this morning that €222 million of its pre-tax profit arose from exceptional items. This compared to a loss of €21 million in its 2021 financial year.

Permanent TSB said its underlying profit before tax for the year, when exceptional items were stripped out, was €45 million. This was ...