DAVY VIEW

PTSB has reported stronger profitability and better capital than anticipated with H1 2024 results. Business activity and momentum are also beginning to increase, and FY 2024 guidance has been raised to reflect a better cost of risk environment. The distribution policy represents another step towards normalisation – as does the ongoing risk-weighted asset IRB model review. Our FY 2024 forecast will benefit from lower impairments (c.€20m) with little change expected elsewhere.