A brighter future

  • Sectors : Banks
  • Companies : permanent tsb Group | AIB Group | Bank of Ireland


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 220c
Bank of Ireland OUTPERFORM 11/03/13 Neutral 14/08/12 417c
permanent tsb Group OUTPERFORM 04/02/21 Neutral 06/03/19 108c


Irish banks have weathered COVID-19 and while returns targets have been pushed out, the future is brighter than anticipated. Significant actions on costs are ongoing, and inorganic opportunities present material upside, particularly from Ulster Bank Ireland’s exit. Valuations have increased but remain at a discount to the broader Eurobank sector which, in our view, doesn’t incorporate potential returns in the coming years. We reiterate our ‘Outperform’ ratings across all three covered stocks.

Download full report with analyst certification and important disclosures

Mar 30 2021, 07:15 IST/BST