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May 14 2020, 08:05 IST/BST
Q1 represented a stable start to the year through new lending growth, an unchanged margin and costs in line with expectations. Given that asset quality was not impacted by COVID-19 in the quarter, we estimate that a modest profit was achieved. An increase in capital also reflects the decision to delay a forward- looking impairment charge to Q2. However, it also reflects permanent tsb Group’s (PTSB) simpler balance sheet – less affected by treasury book reserve movements and no pension risk and less impacted by regulatory measures given the arduous journey already taken.
May 14 2020, 08:05 IST/BST