Permanent TSB Group Holdings PLC Trading Update (6650E)
May 10 2017 - 2:00AM
UK Regulatory
TIDMIL0A TIDM73HR
RNS Number : 6650E
Permanent TSB Group Holdings PLC
10 May 2017
07:00 10 May 2017
PERMANENT TSB GROUP HOLDINGS PLC (the "Bank") - TRADING UPDATE
(UNAUDITED)
For The First Quarter Ended 31 March 2017
Key Highlights:
-- The Bank is profitable and Capital generative
-- Net Interest Margin positive momentum continues at 1.80%, up
21bps from exit NIM of 1.59% for Q4 2016
-- Proforma Fully Loaded Common Equity Tier 1 Ratio increased to
15.1%(1) in the quarter compared to 14.9% at 31 December 2016
-- Total new lending volumes up 64% year-on-year compared to Q1 2016
Business and Financial Performance
During Q1 2017, we continued to acquire new customers through
our award winning Current Account product - Explore Account - and
opened approximately 10,000 new current accounts.
New Mortgage Lending grew by 63% in the quarter year-on-year
while the overall market grew by 39%(2) . As a result, our market
share of drawdowns increased to 10.4%(2) . Term Lending also grew
by 54% in the quarter year-on-year of which approximately 25% was
originated via online channels.
NIM improved to 1.80% in Q1 2017 primarily reflecting the
completion of Non-Core deleveraging in Q4 2016, continued
reductions in Cost of Funds and further redemptions of NAMA Senior
Bonds.
Operating Costs in Q1 2017 were in line with expectations. We
continue to focus on rigorous cost management; in addition, full
year Bank Levy and Regulatory Charges are expected to be marginally
lower than the previously guided range of EUR60 - 70 million.
Impairment trends are in line with our expectations and we
continue to reiterate our previous underlying Cost of Risk guidance
of 30-40 basis points.
Balance Sheet
Customer Deposits amounted to EUR16.9 billion at the end of
March 2017, marginally reduced from EUR17.0 billion at end December
2016. ECB Funding reduced further by 50% to EUR0.7 billion (3% of
Total Funding) and Wholesale Funding increased by EUR0.6 billion to
EUR3.4 billion.
Net Loans amounted to EUR18.7 billion at the end March 2017
marginally reduced from EUR18.9 billion at end December 2016 as
repayments and redemptions exceeded new lending.
Non-Performing Loans
We continue to develop the next phase of our NPL Strategy as
communicated earlier in the year. We expect to update the market
with details of this in the third quarter of 2017.
Capital
During Q1 2017, Proforma Fully Loaded Common Equity Tier 1 Ratio
increased to 15.1%(3) compared to 14.9% at 31 December 2016.
Ends
For further information, please contact:
Eamonn Crowley Rajesh Manirajan Ray Gordon
Chief Financial Officer Head of Investor Relations Gordon MRM
eamonn.crowley@permanenttsb.ie rajesh.manirajan@permanenttsb.ie ptsb@gordonmrm.ie
+353 1 669 5354 +353 1 669 5622 +353 87 241 7373
Note on forward-looking information:
This Announcement contains forward-looking statements, which are
subject to risks and uncertainties because they relate to
expectations, beliefs, projections, future plans and strategies,
anticipated events or trends, and similar expressions concerning
matters that are not historical facts. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors, which may cause the actual results, performance or
achievements of the Group or the industry in which it operates, to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. The forward-looking statements referred to in this
paragraph speak only as at the date of this Announcement. The Group
undertakes no obligation to release publicly any revision or
updates to these forward-looking statements to reflect future
events, circumstances, unanticipated events, new information or
otherwise except as required by law or by any appropriate
regulatory authority.
(1) Includes profits earned in Q1 2017 which is subject to
regulatory approval.
(2) Source: Mortgage drawdowns YTD to March 2017, BPFI.
(3) Includes profits earned in Q1 2017 which is subject to
regulatory approval.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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