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Oct 29 2024, 07:10 GMT
permanent tsb Group
Recovery in mortgage activity; rate challenges beyond 2024
- Sectors : Banks
- Companies : permanent tsb Group
DAVY VIEW
PTSB’s trading update demonstrates a recovery in lending volumes and a robust capital position and asset quality picture. All should continue to be supportive into 2025. The company has reiterated 2024 guidance, and we are unlikely to make material changes to 2024 forecasts. However, there is downside to 2025 and 2026 profit forecasts on lower rates, with measures to protect and grow shareholder returns occurring as part of the budgeting process. There is positive capital development, with lower risk weighted assets from Basel IV.
