Permanent TSB Group (PTSB) H1 2026 earnings summary

Executive summary

• Achieved 2% YoY deposit growth (+€0.4bn), 3% YoY mortgage loan book growth (+€0.6bn), and 11% YoY business banking book growth (+€0.1bn).

• Underlying profit before tax rose 34% YoY to €68m, with profit before tax at €57m, driven by higher net interest income and lower exceptional costs.

• Net interest income increased 9% to €313m, with net interest margin up to 2.13% from 2.02% YoY.

• Cost/income ratio improved to 71% from 76% in H1'25.

• Strategy focused on deepening customer relationships, digital transformation, and sustainability, with 48% of new mortgages classified as green lending.

Financial highlights

• Net interest income: €313m (+9% YoY); net fee and commission income: €30m.

• Profit before tax: €57m (vs €19m prior year); underlying profit before tax: €68m.

• Operating expenses (excl. exceptional items): €270m (-1% YoY); staff costs down €5m.

• EPS (pre-exceptional) at 6.6c, up from 4.0c YoY.

• Return on tangible equity: 5.0% (vs 2.9% prior year).

Outlook and guidance

• Financial guidance for 2026 remains unchanged, targeting ROTE >9%.

• Medium-term targets reaffirmed: ROTE >10% in 2027 and c.13% in 2028.

• Full-year guidance remains in line with prior communications.

• Irish economy remains resilient, but geopolitical and inflation risks persist.

• Management confident in strategy to deliver for stakeholders and support competition.