Ireland's Permanent TSB H1 profit jumps on higher interest income
Ireland's Permanent TSB H1 profit jumps on higher interest income
Overview
Ireland retail and business bank's H1 revenue rose 7% yr/yr
Underlying profit before tax for H1 up 34% yr/yr
Shareholders to vote July 30 on previously announced BAWAG acquisition offer
Outlook
Permanent TSB says full-year guidance remains in line with prior market communications
Company notes continued resilience in the Irish economy underpinning its business outlook
Result Drivers
NET INTEREST INCOME - Co said 9% rise in net interest income was driven by higher margins and increased average interest-earning assets
BUSINESS BANKING GROWTH - Business banking book grew 11% and new lending in this segment rose 18%
COST CONTROL - Operating expenses fell 1% as co prioritised cost optimisation, including lower headcount
Company press release: ID:nRSc2642Oa
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
H1 Net Interest Income |
| EUR 313 mln |
|
H1 Adjusted Pretax Profit |
| EUR 68 mln |
|
H1 Net Interest Margin (%) |
| 2.13% |
|
H1 Pretax Profit |
| EUR 57 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 3 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy."
Wall Street's median 12-month price target for Permanent TSB Group Holdings PLC is €3.09, about 2.8% above its July 28 closing price of €3.00
The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 12 three months ago
Reuters Recommended Reads
July 28 - Barclays H1 profit rises 17%, income up 11%
July 29 - Switzerland's UBS Q2 profit rises; plans $3 billion share buyback
July 29 - Caixabank's quarterly profit tops forecasts, thanks to loans and fees
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)