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May 24 2024, 08:25 IST/BST
Banks
Rebound in April mortgage approvals
- Sectors : Banks
- Companies : permanent tsb Group | AIB Group | Bank of Ireland
Ratings
Ratings and price correct at time of issue
| Company | Rating | Date | Previous Rating | Date | Closing Price |
|---|---|---|---|---|---|
| AIB Group | OUTPERFORM | 23/01/19 | Neutral | 14/08/18 | 518c |
| Bank of Ireland | OUTPERFORM | 11/03/13 | Neutral | 14/08/12 | 1060c |
| permanent tsb Group | OUTPERFORM | 04/02/21 | Neutral | 06/03/19 | 152c |
DAVY VIEW
Mortgage approvals rebounded in April, with year-to-date (ytd) approvals now broadly flat on both a value and volume basis. This supports our view that an early Easter impacted March data. First-time buyers continue to lead growth, up 8% ytd, supported by government incentives. April was the first monthly increase in mortgage approvals since January 2023. Although this partly reflects the timing of Easter, it may also reflect recent mortgage rate reductions, with some lenders placing more focus on the re-mortgaging segment.
