Updated / Friday, 8 May 2026 16:49
PTSB said today that it has made a positive start to 2026, adding that guidance for the full year remains in line with its expectations.
In a trading statement ahead of its AGM in Dublin today, PTSB said its first quarter total operating income rose by 10%, while its net interest margin increased to 2.13% from 2.03% a year earlier.
Last month PTSB agreed a deal to be bought by Austria’s BAWAG Group for €1.6 billion.
Today’s trading statement shows that total gross customer loans on its balance sheet rose to €22.7 billion at end March 2026, up 3% year on year, and on the back of growth of 3% in its core mortgage book.
Its share of new mortgage business was about 19% in the first quarter but the bank added that its pipeline is strong and it expects its market share to move back towards a level of about 20%.
PTSB said it continued to make strong progress in diversifying its income, with new lending in business banking up 18% and new personal term lending doubling compared to the first quarter of last year after a major overhaul of its suite of personal loans last year.
This contributed to growth in the business banking book of 10% and growth in its personal term lending book of 25%, it added.
Customer deposits stood at €25.6 billion at the end of March to mark annual growth of 3%.
The bank noted that current account balances grew slightly in the three months from January to March, which was offset by a slight reduction in corporate balances.
PTSB said its asset quality remains strong and recorded no impairment charge in the first quarter of the year.
Its non-performing loans at end March 2026 were marginally higher relative compared to December due to a change in the definition of default.
The bank said its non-performing loans at the end of March were 1.4% of gross loans which is unchanged from December.
“Overall credit performance is stable with no signs of deterioration,” it noted.
The bank also said it will continue to closely monitor the impact of international events on the Irish economy.
“However, notwithstanding heightened uncertainty, PTSB is well provisioned and has consistently utilised conservative macro-economic scenarios in impairment modelling,” it stated.
“PTSB has made a positive start to 2026, with higher margins and a larger balance sheet delivering revenue growth of 10% in the first quarter,” Eamonn Crowley, PTSB’s chief executive said.
“This also contributed to a reduction in our cost/income ratio to 72%. Asset quality remains robust, and our funding and capital positions are strong,” the CEO said.
“We were also pleased to recently announce the board’s recommended offer by BAWAG Group, of 297 cents per share for the entire issued share capital of the bank, following a rigourous and competitive Formal Sale Process,” Mr Crowley said.
“We believe new ownership as part of a pan-European and US banking group will support the next phase of PTSB’s growth, while strengthening our role as a pillar bank in the Irish retail banking market and deliver an even better experience for our customers,” he added.
